Standard Chartered became the first major global bank to publish formal price targets for Ethena’s ENA token, forecasting $0.42 by end of 2026, $1.10 by end of 2027, and $2.00 by end of 2028, representing approximately 7x potential upside from the reference price. This projection relies entirely on the performance of USDe, Ethena’s synthetic dollar, whose current supply of $4.9 billion must cross the $7.5 billion threshold to trigger a buyback mechanism funded by 95% of the protocol’s net revenue. The bank projects USDe will grow to $40 billion by end of 2028, down from a previous peak of $10 billion. An unlock of 1.4 billion ENA tokens is scheduled for October 5, 2026, and the main identified risk remains Ethena’s ability to reverse USDe’s decline while maintaining attractive yields as the product scales.
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