TREE NEWS reports: Standard Chartered has begun publishing research on Ethena, forecasting that USDe supply will grow roughly eightfold from about $5 billion today to $40 billion by the end of 2028. The bank set ENA price targets of $0.42 by year-end, $1.10 in 2027 and $2 by end-2028. Ethena’s fee switch, which triggers buybacks of ENA once USDe supply tops $7.5 billion, has not yet activated.
Standard Chartered Initiates Ethena Coverage, Sees USDe Supply Rising 8x to $40B by 2028
AI take
A major bank attaching hard numbers to a synthetic-dollar issuer is a notable shift in how traditional research desks treat stablecoin-adjacent protocols. The forecast matters less than the mechanism it implies: the fee switch is tied to supply growth, so the buyback question is now a supply question. Whether USDe can scale toward that target without renewed scrutiny of its yield model is the open question, and the fee switch threshold is the near-term marker worth watching.
Generated by AI for reference only.
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