Standard Chartered: Ethena’s USDe to hit $40B, ENA to reach $2 by 2028

Standard Chartered's projection matters less as a price call than as a signal that a major bank is modelling synthetic-dollar supply growth and tying token value to buyback mechanics. That framing treats ENA as a cash-flow-linked asset rather than pure governance, which is a notable shift in how traditional research covers the sector. The open question is whether USDe's distribution model can sustain that scale without the funding-rate and collateral conditions that have historically made such designs fragile.