Standard Chartered has initiated coverage of Ethena token ENA and expects the token to reach $2 by the end of 2028. According to Odaily, the bank said Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, and that ENA may benefit from growth in those areas and a newly launched buyback plan.

The bank said Ethena is currently the fourth-largest stablecoin issuer after Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. It also said USDe is the fastest stablecoin to reach a market value of $10 billion.