{"id":13950,"date":"2026-10-01T08:56:57","date_gmt":"2026-10-01T08:56:57","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=13950"},"modified":"2026-10-01T08:56:57","modified_gmt":"2026-10-01T08:56:57","slug":"standard-chartered-starts-research-coverage-for-ethena","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=13950","title":{"rendered":"Standard Chartered Starts Research Coverage for Ethena"},"content":{"rendered":"<p><\/p>\n<div>\n<div id=\"blockquote-block_95d2bf031e20467c021310edb2856de8\" class=\"blockquote-container\" style=\"border-color: #5100fc\">\n<div class=\"blockquote-text\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Standard Chartered initiated coverage of Ethena\u2019s ENA token on 30 September with a US$2 forecast for the end of 2028, about seven times the US$0.28 price cited in its note.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The bank estimates the supply of Ethena\u2019s USDe stablecoin could reach US$40 billion by end-2028.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ethena\u2019s governance rules start ENA buybacks only once USDe supply hits US$7.5 billion, and CoinGecko showed about 4.87 billion USDe in circulation on Thursday.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">Standard Chartered began research coverage of Ethena (ENA) on Wednesday, forecasting the token will reach US$2 (AU$2.88) by the end of 2028.<\/p>\n<p class=\"wp-block-paragraph\">That target is about seven times the US$0.28 (AU$0.40) price cited in the bank\u2019s note, dated 30 September. The bank\u2019s year-end forecasts put ENA at US$0.42 (AU$0.60) for 2026 and US$1.10 (AU$1.58) for 2027. ENA traded near US$0.27 (AU$0.39) on Thursday, according to CoinGecko.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"\/>\n<p class=\"wp-block-paragraph\">The bank said ENA\u2019s gain would outpace its projected price gains for Bitcoin and Ether. It opened coverage of Aave with a US$3,500 (AU$5,040) target for 2030 in June and Morpho at US$60 (AU$86) by the end of 2030 in July.<\/p>\n<p class=\"wp-block-paragraph\"><strong>Related: Researchers Propose \u201cShielded Bitcoin\u201d to Bring Zcash-Style Privacy to BTC<\/strong><\/p>\n<h2 id=\"h-usde-carries-the-forecast\" class=\"wp-block-heading\">USDe Carries the Forecast<\/h2>\n<p class=\"wp-block-paragraph\">The bank\u2019s case rests on USDe, Ethena\u2019s synthetic dollar. It estimates USDe outstanding could reach US$40 billion (AU$57.6 billion) by end-2028.<\/p>\n<p class=\"wp-block-paragraph\">Standard Chartered ranks Ethena as the fourth-largest stablecoin issuer, behind Tether, Circle and Sky. It says USDe, launched in late 2023, was the fastest stablecoin to reach a US$10 billion (AU$14.4 billion) market value.<\/p>\n<p class=\"wp-block-paragraph\">USDe first earned its yield from the crypto basis trade, holding spot tokens against short perpetual futures. That trade paid more than 20% at times, the note says. Ethena has since added real-world assets and basis trades on equity perpetuals to the backing. The bank expects tokenised real-world assets on blockchains to reach US$2 trillion (AU$2.88 trillion) by end-2028.<\/p>\n<p class=\"wp-block-paragraph\">Ethena posted the note\u2019s first page on X on Wednesday, reading the forecast as roughly eightfold USDe growth in two years.<\/p>\n<div id=\"blockquote-block_f72d82b0e36d525fb1eaf55d16539d31\" class=\"blockquote-container variant-personal\">\n<div class=\"blockquote-text\">\n<p>Unclear why they are so bearish, but worth a read regardless.<\/p>\n<\/div>\n<div class=\"blockquote-attribution\">\n        <img decoding=\"async\" class=\"author-image lazyload\" src=\"https:\/\/cdn.cryptonews.com.au\/2026\/10\/01170211\/Ethena.jpg\"\/><img decoding=\"async\" src=\"https:\/\/cdn.cryptonews.com.au\/2026\/10\/01170211\/Ethena.jpg\" class=\"author-image\" data-eio=\"l\"\/>        Ethena    <\/div>\n<\/div>\n<p class=\"wp-block-paragraph\">In an 27 August governance post, Ethena Labs said it sees room to grow USDe above US$100 billion (AU$144 billion) within five years.<\/p>\n<p class=\"wp-block-paragraph\"><strong>Read more: Michael Saylor Calls for a \u201cBill of Digital Rights\u201d to Protect Crypto Freedoms<\/strong><\/p>\n<h2 id=\"h-buybacks-wait-on-a-milestone\" class=\"wp-block-heading\">Buybacks Wait on a Milestone<\/h2>\n<p class=\"wp-block-paragraph\">The note says Ethena has started a buyback-and-burn programme that will direct 95% of net revenue to ENA. The bank expects those buybacks to become significant as USDe scales.<\/p>\n<p class=\"wp-block-paragraph\">Under Ethena\u2019s governance proposal, buybacks begin only when USDe circulating supply reaches a first milestone of US$7.5 billion (AU$10.8 billion). CoinGecko showed about 4.87 billion USDe in circulation on Thursday.\u00a0<\/p>\n<p class=\"wp-block-paragraph\">The share of protocol revenue directed to buybacks starts at 5% at that milestone and rises to 25% once supply reaches US$25 billion (AU$36 billion). That schedule passed a tokenholder vote, Ethena\u2019s governance forum confirmed on 8 September.<\/p>\n<p class=\"wp-block-paragraph\">SEC staff addressed token buybacks in a 25 September FAQ, saying a buyback alone does not make a working network\u2019s token a security.<\/p>\n<\/p><\/div>\n<p>Banks,Ethena#Standard #Chartered #Starts #Research #Coverage #Ethena1790845017<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard Chartered initiated coverage of Ethena\u2019s ENA token on 30 September with a US$2 forecast for the end of 2028, about seven times the US$0.28 price cited in its note. The bank estimates the supply of Ethena\u2019s USDe stablecoin could reach US$40 billion by end-2028. Ethena\u2019s governance rules start ENA buybacks only once USDe supply<\/p>\n","protected":false},"author":1,"featured_media":13951,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[497,7214,4767,3718,496,542],"class_list":["post-13950","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-chartered","tag-coverage","tag-ethena","tag-research","tag-standard","tag-starts"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Standard Chartered Starts Research Coverage for Ethena - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=13950\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Chartered Starts Research Coverage for Ethena\" \/>\n<meta property=\"og:description\" content=\"Standard Chartered initiated coverage of Ethena\u2019s ENA token on 30 September with a US$2 forecast for the end of 2028, about seven times the US$0.28 price cited in its note. 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