Ethereum-Based Stablecoin Issuer ENA Could Surge 600%: Standard Chartered

Standard Chartered initiated coverage on a stablecoin-linked token Wednesday, expecting it to outpace both Bitcoin and Ethereum through 2028.The Token Standard Chartered Is Betting OnStandard Chartered wrote in a September 30 research report that Ethena’s ENA token carries a $2 price target for end-2028, implying roughly 614% upside from the report’s reference price of $0.28.The bank ranks Ethena as the fourth-largest stablecoin issuer behind Tether , Circle , and Sky, and notes its USDe stablecoin became the fastest to reach a $10 billion market cap.Yield-bearing stablecoins currently make up about 5% of the total stablecoin market, and Standard Chartered expects that share to grow as users chase returns alongside stablecoin utility.The bank projects USDe’s supply could reach $40 billion by the end of 2028, up from initial reliance on the crypto basis trade, now expanded into real-world assets and equity perpetual futures strategies.How the Buyback Program Fits InEthena’s buyback-and-burn program directs 95% of net revenue toward purchasing and burning ENA tokens.Standard Chartered argues a larger USDe supply generates more revenue, which funds larger buybacks, tightening ENA’s supply while demand grows alongside it.Here’s how the bank’s year-end price targets compare across all three assets:Year-endENAETHBTC2026$0.42$4,000$100,0002027$1.10$10,000$200,0002028$2.00$18,000$300,000Standard Chartered flagged slower adoption of yield-bearing stablecoins as the main risk to its forecast, along with weaker-than-expected growth in tokenized real-world assets, which could limit USDe’s backing assets and yield strategies.ENA Price Prediction: Key Levels to WatchENA breaks out hard Wednesday, up 8% after tagging $0.2807, extending a sharp reversal off August’s basing lows near $0.08.Price rides the upper Bollinger Band at $0.3014 and trades well above every major EMA, confirming a full trend reversal after months of decline.With price stretched above the bands, some cooling looks likely before the next leg higher.Key levels for ENA:$0.28 to $0.30 — resistance zone, upper Bollinger Band$0.22 — 20-day EMA, closest dynamic supportPhoto via Shutterstock Read Also: