Standard Chartered Sees Ethena ENA Hitting $2 by 2028

Standard Chartered has initiated coverage of Ethena and its native ENA token, forecasting that the cryptocurrency could climb to $2 by the end of 2028. The target would represent roughly 600% upside from ENA’s current price.

Geoff Kendrick, an analyst at Standard Chartered, highlighted several potential growth drivers for Ethena, including its USDe stablecoin, expansion in perpetual contracts and tokenization, and a proposed ENA token buyback program.

USDe has emerged as an important part of Ethena’s ecosystem. According to the bank’s research, it became the fastest stablecoin to reach $10 billion in circulation. Kendrick said Ethena’s position at the intersection of stablecoins, tokenized assets and perpetual contracts could support further growth for the protocol and its native token.

The planned ENA buyback program could provide another catalyst. The Ethena Foundation recently bought out some early investors in an effort to reduce selling pressure associated with monthly token unlocks.

The Foundation has also introduced a governance proposal that would direct revenue generated across Ethena-branded business lines toward ENA purchases. If implemented, the mechanism could create recurring demand for the token while helping offset potential supply pressure.

ENA responded positively to Standard Chartered’s first research coverage, rising more than 5% to trade around $0.26, according to TradingView data. The token has gained more than 77% over the past month, reflecting renewed investor interest in the Ethena ecosystem.

The rally also coincided with a broader cryptocurrency market recovery. Bitcoin moved above $85,000 following softer U.S. personal consumption expenditures inflation data, helping lift sentiment toward digital assets after the previous week’s pullback.

Standard Chartered’s $2 ENA price target remains a longer-term forecast, with Ethena’s ability to expand USDe adoption, capitalize on tokenization and perpetual markets, and execute its proposed token buyback strategy likely to influence the token’s performance through 2028.