Standard Chartered Sets ENA Targets at $1.10 for 2027 and $2 for 2028

Standard Chartered began analyzing ENA with price targets of $0.42 by the close of 2026, $1.10 a year later and $2.00 by the end of 2028, based on anticipated USDe expansion and protocol revenue.

The Sept. 30 forecast projects USDe, Ethena’s synthetic dollar, will expand from about $4.9 billion in September 2026 to approximately $40 billion by the end of 2028. That would represent roughly eightfold growth over two years.

The analysis used an ENA reference price of about $0.28. The $2.00 target for 2028 is roughly seven times that level, while ENA’s all-time high was $1.52 in April 2024.

Ethena’s protocol uses hedged crypto positions and yield generation, while ENA provides governance functions. The forecast expects Ethena to broaden its sources of yield beyond crypto basis trades to include real-world assets, decentralized-finance lending, institutional lending and other tokenized assets.

A proposed Ethena governance framework would direct 95% of net revenue paid to the Ethena Foundation toward ENA buybacks after USDe reaches its first supply milestone. The proposal places that milestone at $7.5 billion and describes a graduated revenue allocation beginning at 5% at that level.

The targets represent a bank research view rather than a guaranteed price outcome. The thesis depends on USDe adoption expanding, additional yield sources scaling and the proposed buyback mechanism generating sustained demand for ENA.

The coverage adds Ethena to Standard Chartered’s recent analysis of decentralized-finance tokens, including its broader altcoin coverage.