Standard Chartered has initiated coverage on Ethena’s ENA token for the first time, according to The Defiant, and projects the token could reach $2 by the end of 2028. Geoff Kendrick, the bank’s global head of digital assets research, said Ethena sits at the intersection of perpetuals, tokenization and stablecoins, positioning ENA to benefit from growth across those segments as well as from a newly launched buyback program. Kendrick also described Ethena as the fourth-largest stablecoin issuer, behind Tether, Circle and Sky, and the second-largest yield-bearing stablecoin issuer after Sky. He added that USDe, Ethena’s stablecoin, was the fastest stablecoin to reach a $10 billion market capitalization. The note marks Standard Chartered’s first formal research coverage of ENA.
Standard Chartered has initiated coverage on Ethena’s ENA token for the first time and expects it to rise to $2 by the end of 2028, according to The Defiant.
Geoff Kendrick, the bank’s global head of digital assets research, said Ethena sits at the intersection of perpetuals, tokenization and stablecoins. He said ENA stands to benefit from growth in those areas and from a newly launched buyback program.
Kendrick also said Ethena is currently the fourth-largest stablecoin issuer, behind Tether, Circle and Sky, and the second-largest yield-bearing stablecoin issuer after Sky. He added that USDe was the fastest stablecoin to reach a $10 billion market capitalization.
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