Standard Chartered Sees 600% Upside for ENA, USDe at $40B by 2028

This is a bank research note, not a protocol development, so its weight rests on the analyst's assumptions about USDe's growth path and the buyback mechanism converting that growth into token value. The forecast effectively ties ENA's fate to synthetic-dollar adoption rather than to Ethena's fee revenue alone, making the buyback design the variable worth tracking. Whether USDe's expansion actually translates into tokenholder value — and whether buybacks materialize as described — is the open question.