Standard Chartered Projects ENA Could Outperform Bitcoin and Ethereum by 2028

Standard Chartered has initiated coverage on Ethena's ENA token with a year-end 2028 price target of $2, suggesting it could outperform Bitcoin and Ethereum. The bank forecasts the token to reach $0.42 by the end of 2026 and $1.10 by 2027. This projection depends on Ethena reversing the recent contraction of its USDe stablecoin, which has fallen from a peak of over $10 billion to approximately $4.9 billion. The bank expects USDe supply to grow to $40 billion by 2028, driven by the protocol finding new yield sources as traditional funding rates compress.