Standard Chartered predicts ENA token could reach $2 by 2028

Standard Chartered has issued a bullish price prediction for the Ethena (ENA) token, forecasting it could reach $2.00 by the end of 2028. This target represents a significant increase from its recent trading levels.

The bank’s analysis, led by Global Head Geoff Kendrick, links the potential value of ENA to the growth of USDe, Ethena’s synthetic dollar stablecoin. Standard Chartered projects that the USDe supply could accelerate from approximately $13 billion in late 2026 to $40 billion by 2028.

A central component of this valuation model is Ethena’s revenue mechanism. The protocol reportedly allocates 95% of net revenues, after hedge costs and sinking funds, toward buying back ENA tokens on the open market. The bank suggests that as USDe scales, this buyback program will create upward pressure on the token price to balance the buyback-to-market-cap ratio.

To mitigate volatility associated with crypto funding rates, Ethena is diversifying its yield strategy. This includes expanding into tokenized equities, short-term Treasury investments, and institutional credit to provide more stable returns for its USDe ecosystem.