Standard Chartered has issued a bullish forecast for ENA, the native token of the Ethena protocol, predicting it will reach $2 by the end of 2028. That target implies more than 600% upside from current levels. The bank also expects USDe, Ethena's synthetic dollar, to grow to $40 billion in the same timeframe—an eightfold increase from its present size. Buybacks are expected to reshape the token's value.
The $2 target and what's behind it
Standard Chartered's projection puts ENA at $2 by the end of 2028. With the token trading well below that mark, the forecast represents over 600% upside. The bank didn't outline the exact path, but its view hinges on the expansion of USDe and the role of buybacks in altering ENA's economics.
USDe's eightfold scaling to $40 billion
A central piece of the forecast is USDe reaching $40 billion by 2028. That would be an eightfold increase from its current market size. USDe is a synthetic dollar backed by crypto collateral and delta-hedging strategies, and its growth would directly expand the Ethena ecosystem. More USDe in circulation means more fees and more capital that could be directed toward token buybacks.
Buybacks as a value driver
Standard Chartered expects buybacks to reshape ENA's value. Buybacks reduce the circulating supply of a token, and if demand holds steady or grows, that can push the price higher. In Ethena's case, the bank ties the buyback capacity to USDe's expansion. The larger USDe gets, the more resources the protocol has to repurchase ENA. That link is why the $40 billion USDe forecast and the $2 ENA target are presented together.
What to watch from here
The forecast is a projection, not a guarantee. USDe's growth depends on continued demand for synthetic dollars and the performance of the hedging strategies that keep it pegged. ENA's price will also depend on broader market conditions and how effectively buybacks are executed. For now, Standard Chartered's call gives the market a concrete number to track: $2 by the end of 2028, backed by a $40 billion USDe target.
