Ethena Surges After Standard Chartered Initiates Coverage With a USD 2 End-2028 Target

• • ENA token surged today after Standard Chartered initiated research coverage with an end-2028 price target of USD 2.
• • The bank projects Ethena's synthetic stablecoin USDe supply will reach USD 40 billion by end-2028, roughly 8x its current level.

ENA token surged today after Standard Chartered initiated research coverage with staged price targets: USD 0.42 by end-2026, USD 1.10 by end-2027, and USD 2.00 by end-2028. The bank projects Ethena's synthetic stablecoin USDe supply will reach USD 40 billion by end-2028, roughly eight times its current level, driven by Ethena's position at the intersection of three expanding markets: perpetual futures, tokenization, and stablecoins. The analysis models ENA token buybacks funded by protocol revenue, estimating annual buybacks could absorb around 23% of circulating supply at the USD 40 billion USDe scale. Worth noting, the remaining locked early-investor tokens fully unlock on October 5, 2026, ending the monthly release schedule - a one-time event already known to the market. The current price sits around $0.27 (Rp4850). With entry in that area, a first target of $0.28 (Rp4995), about 3.0% from entry, and a second target of $0.29 (Rp5140), about 6.0% from entry, open up if this analyst-sentiment momentum continues.

Standard Chartered's own target notes that the estimated ~23% annual buyback of circulating supply could prove unsustainable without corresponding price appreciation; slower-than-projected yield-bearing stablecoin adoption is also a key risk. This scenario is invalidated if price breaks below $0.24 (Rp4373), the current 24-hour support area.