Standard Chartered Forecasts Ethena’s ENA Token at $2 by End of 2028

Standard Chartered's entry into coverage of a DeFi governance token is notable less for the target itself than for what it legitimizes: a bank treating a stablecoin issuer's token economics as a researchable asset class. The forecast leans on two unproven levers — USDe supply growth and a buyback that has not yet been switched on — so the credibility of the call rests on execution rather than the model. Whether the buyback is actually activated, and how USDe supply behaves in the interim, is the open question.