Standard Chartered’s global head of digital assets research, Geoff Kendrick, said in a research note that SKY could rise to $0.325 by the end of 2028, five times the note’s base-case price of $0.065. The bank said it expects SKY’s gains to broadly track ETH and outperform Bitcoin before the end of 2028. The note also outlined operating data tied to the Sky protocol, a decentralized finance platform that adopted its current name in 2024 and launched the USDS stablecoin and SKY governance token. According to the report, Sky-related agents have borrowed $5.9 billion in USDS since September 2024. USDS supply reached $10.04 billion in June, up 96.9% year over year, though that was below May’s $11.14 billion. Standard Chartered said additional growth in USDS supply would increase protocol revenue and distributions to token holders, with staking rewards and token buybacks serving as mechanisms to pass value to SKY holders. The bank added that the value distributed to holders could at least double over the next 12 months, while slower-than-expected growth in yield-bearing stablecoins remains the main risk to SKY’s outlook.
According to ChainCatcher, Standard Chartered global head of digital assets research Geoff Kendrick said in a research note that SKY could reach $0.325 by the end of 2028, or five times the note’s base-case price of $0.065.
The bank said SKY’s price gains are expected to broadly track ETH and outperform Bitcoin before the end of 2028.
Protocol figures cited in the note
Sky is a decentralized finance platform that adopted its current name in 2024 and launched USDS and the SKY governance token.
The report said Sky agents have borrowed $5.9 billion in USDS since September 2024. USDS supply reached $10.04 billion in June, up 96.9% year over year, but below May’s $11.14 billion.
How the bank frames value distribution
Standard Chartered said further growth in USDS supply would lift protocol revenue and increase distributions to token holders. It said staking rewards and token buybacks are used to distribute value to SKY holders.
The bank said the value distributed to holders could at least double over the next 12 months. It also identified slower-than-expected growth in yield-bearing stablecoins as the main risk to SKY’s outlook.
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