Standard Chartered Initiates Ethena (ENA) Coverage With $2 End-2028 Target
Key Takeaways
- •Standard Chartered initiated research coverage of Ethena (ENA) on Sept. 30, 2026, with a $2 price target for year-end 2028.
- •The $2 target implies an expected gain of roughly 700%, or about eight times ENA's market price when the report was released.
- •The report was authored by Geoff Kendrick, Standard Chartered's global head of digital assets research, whose team regularly publishes forecasts on Bitcoin and the broader crypto market.
- •Ethena's synthetic dollar USDe maintains its peg through delta-hedged positions that pair crypto collateral with offsetting short perpetual futures positions, making the protocol dependent on funding-rate conditions.
- •Extending initiation coverage to a DeFi governance token places a decentralized finance protocol alongside Bitcoin within the published research of a traditional banking group.
Standard Chartered Initiates Ethena (ENA) Coverage With $2 End-2028 Target
Standard Chartered initiated research coverage of Ethena (ENA) on Sept. 30, 2026, setting a year-end 2028 price target of $2 — roughly eight times the token's market price at the time of publication.
The projection appears in the bank's Digital Assets report, authored by Geoff Kendrick, Standard Chartered's global head of digital assets research. An initiation of coverage is the point at which an analyst formally establishes a published view on an asset, and extending that treatment to a DeFi governance token places a decentralized finance protocol alongside Bitcoin within the published research of a traditional banking group.
Ethena is the decentralized finance protocol behind USDe, a synthetic dollar asset designed to maintain its peg through delta-hedged positions, in which crypto collateral is paired with offsetting short positions in perpetual futures. Because the hedge sits in the perpetual futures market, the protocol's operation is tied directly to funding-rate conditions there — the recurring payments exchanged between long and short positions that keep perpetual contracts aligned with spot prices. ENA, the protocol's governance token, debuted in 2024.
Standard Chartered, a London-headquartered international banking group, maintains a dedicated digital assets research franchise under Kendrick, whose team regularly publishes forecasts and analysis on Bitcoin and the broader cryptocurrency market.
The $2 end-2028 target implies an expected gain of roughly 700% relative to ENA's market price when the report was released. The horizon runs roughly 27 months past publication, giving the projection a multi-year window in which it stands as a published benchmark readers can track; any revision would arrive through the same channel as the team's Bitcoin work — the bank's digital assets research franchise.
This article was first published on COINOTAG: https://en.coinotag.com/standard-chartered-initiates-ena-coverage-2-dollar-2028-target
