TREE NEWS reports: Standard Chartered has initiated coverage on Ethena’s ENA token with a $2 price target, forecasting a roughly 7x gain by end-2028. The bank’s thesis rests on Ethena’s buyback program, which activates once USDe supply reaches $7.5 billion. USDe supply currently stands at $4.9 billion, leaving the buyback trigger about $2.6 billion away.
Standard Chartered Starts ENA Coverage With $2 Target
AI take
The notable element is not the target but the mechanism behind it: a bank anchoring a token thesis to a supply-gated buyback, which turns USDe issuance growth into the variable that matters most. That reframes ENA as a bet on stablecoin distribution rather than on trading activity, and it puts a concrete, observable threshold in front of holders. Whether USDe supply closes the remaining gap, and how quickly, is the open question.
Generated by AI for reference only.
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