Standard Chartered initiated coverage of Ethena's ENA token with a $2 year-end 2028 target, about seven times its current price of $0.28. The bank's forecast depends on Ethena rebuilding USDe supply from about $4.9 billion to $40 billion by 2028. USDe supply has fallen by more than half from its peak. Ethena must also cross the $7.5 billion supply threshold for its approved fee-switch framework and expand newer yield strategies. The bank projects that ENA would outperform its expected gains for Bitcoin and Ethereum over the same period.