Standard Chartered forecasts Ethena’s USDe supply will grow eightfold to $40 billion by end of 2028 and has initiated coverage of ENA with a $2 target, roughly seven times the $0.28 reference price. The bank projects buybacks could represent about 23 percent of ENA’s market cap at $40 billion USDe supply, a level deemed unsustainable and contingent on token price appreciation. The tokenized-asset market is expected to grow from $350 billion to $4 trillion by 2028, but the target’s achievement depends on revenue expansion and adoption of diversified yield sources amid an uncertain regulatory environment. As of late September, ENA traded near $0.27 with a market capitalization of approximately $2.65 billion.
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