Standard Chartered initiates Ethena coverage, sees ENA at $2 by 2028

Standard Chartered has started coverage of Ethena’s ENA token with a $2 end-2028 price target. ENA was trading at about $0.26 at press time, putting the target roughly 669% above its current price. The bank sees Ethena benefiting from growing demand for yield-bearing stablecoins and the expansion of tokenized assets across DeFi and traditional finance. Standard Chartered has initiated research coverage of Ethena. They forecast potential USDe growth of ~8x in the next 2 years as the convergence of DeFi and TradFi accelerates. Unclear why they are so bearish, but worth a read regardless: pic.twitter.com/JlzXqrqc07 — Ethena (@ethena) September 30, 2026 Ethena is currently the fourth-largest stablecoin issuer and the second-largest issuer of yield-bearing stablecoins. Its USDe stablecoin reached $10 billion in market capitalization within nine months of launch, initially generating yield through the crypto basis trade before expanding into real-world assets, DeFi lending, institutional lending, liquid stablecoins and equity and commodity basis trades. Standard Chartered expects the tokenized-asset market to grow substantially through 2028, giving Ethena more room to scale. Ethena has a...