Standard Chartered forecasts USDe reaching $40 billion by end of 2028 and ENA price climbing to $2. Declining returns from traditional crypto basis trades have pushed Ethena to diversify into DeFi, institutional lending and real-world assets, now generating a blended yield of 5.2%. A fee switch mechanism approved in September directs 95% of net revenue to ENA buybacks at specific supply milestones. At $40 billion USDe supply, buybacks could represent 23% of ENA’s current market cap before stabilizing around 3-4% like UNI. ENA currently trades around $0.27 with a market capitalization of approximately $2.65 billion.
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