Standard Chartered has initiated coverage of Sky’s SKY token and set an end-2028 price target of $0.325, compared with the $0.065 reference price cited in the report. The bank said Sky could deliver more than five times the current level of value to token holders by 2028 as USDS adoption rises and lending capacity expands. Geoff Kendrick, the bank’s global head of digital assets research, described Sky — formerly MakerDAO — as a decentralized finance platform that can issue stablecoins, build governance structures and charge borrowers a wholesale rate, making it similar to a “federal bank.” He also said value is returned to SKY holders mainly through staking rewards, while buybacks make up a smaller share. Standard Chartered said Sky is the world’s third-largest stablecoin issuer after Tether and Circle, and the largest issuer of yield-bearing stablecoins. The bank expects SKY to broadly track Ether and outperform Bitcoin through 2028, while its price forecasts for ETH and BTC over the same period stand at $18,000 and $300,000. DeFiLlama data cited in the report showed Sky’s yield-bearing sUSDS token had $4.5 billion in total value locked and a 3.6% annualized yield.
Standard Chartered has initiated coverage of Sky’s SKY token and set an end-2028 price target of $0.325, up about fivefold from the $0.065 reference price cited in the report.
Bank sets end-2028 target
The bank said Sky could deliver more than five times the current level of value to token holders by 2028 as USDS adoption increases and lending capacity expands.
How Geoff Kendrick described Sky
Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Sky, formerly known as MakerDAO, is a decentralized finance platform that can issue stablecoins, build governance structures and charge borrowers a wholesale rate, making it similar to a “federal bank.”
He said Sky returns value to SKY holders mainly through staking rewards, with token buybacks accounting for a smaller portion.
Stablecoin position and performance view
Standard Chartered said Sky is the world’s third-largest stablecoin issuer, behind only Tether and Circle. It also described Sky as the largest issuer of yield-bearing stablecoins.
The bank expects SKY to broadly track Ether’s performance and outperform Bitcoin by 2028. Over the same period, Standard Chartered’s price forecasts for Ether and Bitcoin are $18,000 and $300,000, respectively.
DeFiLlama figures
Data from DeFiLlama showed that Sky’s yield-bearing sUSDS token had $4.5 billion in total value locked and a 3.6% annualized yield.
The report was cited by Cointelegraph.
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