Standard Chartered Forecasts Ethena USDe Market Cap to Reach $40 Billion

Standard Chartered has released its first coverage report on Ethena, projecting that the synthetic dollar asset USDe will grow eightfold to reach $40 billion by the end of 2028. The bank expects USDe to slightly outperform the broader stablecoin market. Additionally, Standard Chartered set a year-end price target of $2 for the ENA token, citing the protocol's fee-switch mechanism which allocates 95% of net profits to ENA buybacks. The report suggests that as USDe scales, the buyback ratio relative to market cap will necessitate a significant increase in ENA's price to maintain sustainability.