Standard Chartered forecasts SKY to rise fivefold to $0.325 by 2028

A major global bank just put a price tag on one of DeFi’s quieter success stories. Standard Chartered analyst Geoff Kendrick initiated coverage of the SKY token on September 11, setting a year-end 2028 target of $0.325, roughly five times its approximate $0.065 price at the time of the report. The stablecoin machine behind the forecast Sky, the protocol formerly known as MakerDAO, operates as something like a decentralized central bank. It manages the issuance and governance parameters of USDS, the successor to DAI that supports 1:1 conversions and is backed by overcollateralized on-chain reserves. Sky’s principal agents, Spark, Grove, and Obex, had collectively borrowed $5.9 billion in USDS as of the report date. More than $5.5 billion of that capital was deployed into yield strategies, often in collaboration with institutional heavyweights like BlackRock and Janus Henderson. Sky currently ranks as the third-largest stablecoin issuer globally, trailing only Tether and Circle. But it holds a more distinctive title: the largest issuer of yield-bearing stablecoins. Its sUSDS token carries a total value locked of approximately $4.5 billion and offers an annualized yield of 3.6%. A $2 ...