Standard Chartered has initiated research coverage of Ethena’s ENA token with a $2 end-2028 price target, representing approximately 669% upside from the current price of around $0.26. Ethena’s USDe stablecoin reached a $10 billion market capitalization in just nine months after launch, making it the fastest stablecoin to achieve this milestone. The bank forecasts USDe’s outstanding supply could grow to $40 billion by 2028, driven by the convergence of DeFi and TradFi as well as growing demand for yield-bearing stablecoins. Identified risks include slower adoption of yield-bearing stablecoins and weaker real-world asset growth.
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