Standard Chartered Sets $2 Price Target for ENA, Citing Ethena Growth Potential

Standard Chartered has initiated coverage of ENA with a $2 price target, projecting that the supply of Ethena's USDe stablecoin will grow eightfold to $40 billion by the end of 2028. The bank expects ENA to outperform Bitcoin and Ether, contingent on Ethena's ability to scale diversified yields—including tokenized stocks and institutional lending—and effectively utilize revenue for token buybacks. While Ethena has expanded its yield sources beyond crypto basis trades, the realization of these projections depends on the protocol's ability to capture market share in the growing tokenized-asset sector.