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 (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) through 2028. The Token Standard Chartered Is Betting On Standard Chartered wrote in a September 30 research report that Ethena’s ENA (CRYPTO: 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 (CRYPTO: USDT), Circle (NYSE:CRCL), 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 In Ethena’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$300,000Source: Standard Chartered Research Report Standard 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 Watch ENA 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 support Photo via Shutterstock Read Also: Bitcoin, XRP Whipsaw On Positive PCE Inflation Print Battling Surging Oil Prices