Standard Chartered expects Ethena's USDe stablecoin supply to grow eightfold to $40 billion by the end of 2028. The bank set a $2 price target for Ethena's ENA token, roughly seven times the $0.28 price cited in its research report. Standard Chartered expects new sources of yield to help USDe expand beyond crypto markets. Ethena governance approved a mechanism directing 95% of net revenue toward ENA buybacks once USDe reaches specified supply milestones.