Standard Chartered forecasts ENA could reach $2 by 2028

6.7 Investments

Sep 30, 2026

Standard Chartered forecasts ENA could reach $2 by 2028, citing rapid USDe growth, aggressive buybacks, and a robust business model using crypto collateral and short futures hedges.

Standard Chartered has begun research coverage on Ethena, projecting its ENA token could reach $2 by the end of 2028—a substantial increase from current prices. This optimistic forecast is underpinned by the rapid expansion of Ethena’s USDe stablecoin, which has quickly achieved a $10 billion market cap and ranks among the top stablecoins by supply. The bank highlights Ethena’s commitment to buybacks, with 95% of net revenues allocated to purchasing ENA tokens. Additionally, Standard Chartered expects the USDe supply could grow to $40 billion by 2028, further supporting ENA’s price. Ethena’s business model leverages crypto collateral and short futures hedges to minimize volatility and generate returns through staking and funding payments. Standard Chartered’s price targets for ENA are $0.42 by end-2026, $1.10 by end-2027, and $2.00 by end-2028. The bank believes sustained buybacks and protocol growth could drive ENA’s price higher, drawing comparisons to Uniswap’s fee switch and buyback mechanism.