Standard Chartered forecasts ENA at $0.42 in 2026, $1.10 in 2027 and $2 in 2028. Its 2028 forecast assumes USDe supply grows to about $40 billion. Approved buybacks remain inactive until USDe
ENA price traded near $0.2594 on September 30 as Standard Chartered began covering Ethena with a $2 target for end-2028. The bank also forecast $0.42 by end-2026 and $1.10 by end-2027.
Standard Chartered has initiated research coverage of Ethena.They forecast potential USDe growth of ~8x in the next 2 years as the convergence of DeFi and TradFi accelerates.Unclear why they are so bearish, but worth a read regardless: pic.twitter.com/JlzXqrqc07
— Ethena (@ethena) September 30, 2026
The token fell about 3% over 24 hours despite gaining roughly 64% over 30 days. Its longer-term forecast depends heavily on USDe growth and revenue-funded token buybacks.
Standard Chartered expects USDe circulation to rise from about $4.9 billion to $40 billion by 2028. That roughly eightfold expansion could increase revenue available for token repurchases. At Wednesday’s $0.2594 quote, the ENA price target represents about 7.7 times the token’s value.
Ethena’s dollar token uses crypto backing and derivative hedges, while staked USDe distributes variable yield. Ethena Bank says lower futures funding has pushed Ethena toward lending, tokenized assets, and other strategies. Its report puts blended backing yield near 5.2%, below the roughly 7% average since inception.
That decline makes the forecast sensitive to funding conditions. A larger stablecoin needs yield sources beyond the original basis trade. The bank also expects the wider stablecoin market to reach $2 trillion by 2028.
Ethena governance approved a fee-switch framework on September 8. However, buybacks require USDe supply to reach $7.5 billion. At about $4.9 billion, circulation remains below that opening trigger.
Under the plan, 95% of net revenue paid to the foundation would fund ENA repurchases after activation. A 6% illustrative protocol yield implies $22.5 million in annual buybacks at that first threshold.
Standard Chartered estimates annual repurchases could reach 23% of circulating ENA at $40 billion in USDe. That calculation assumes the token stays near the bank’s $0.28 reference price. At that hypothetical rate, the bank argues ENA price would need to rise to keep repurchases sustainable.
Slower growth in yield-bearing stablecoins could reduce USDe expansion. Limited tokenized assets might also constrain non-crypto yield sources. Original investor tokens are scheduled to unlock on October 5, adding a near-term supply factor.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.<p>The post ENA Price Forecast as Standard Chartered Eyes $2 by End of 2028 first appeared on Coin Crypto Newz.</p>
