- Standard Chartered predicts Ethena’s ENA to reach $2 by the end of 2028, with targets of $0.42 for 2026 and $1.10 for 2027.
- ENA is trading above $0.25 after a strong September rally.
- Around 1.4B ENA tokens will unlock on October 5, adding selling pressure.
Major international financial institution Standard Chartered has issued its inaugural research coverage on Ethena’s ENA token, setting a $2 price target for late 2028—a forecast roughly seven times higher than the asset’s current market value. Released on September 30, the report centers on Ethena’s footprint across yield-generating stablecoins, perpetual futures, and tokenized real-world assets. Additionally, the bank projects ENA will climb to $0.42 by the close of 2026 and $1.10 by the end of 2027.
The financial institution’s bullish outlook is largely anchored to USDe, Ethena’s synthetic dollar stablecoin. Standard Chartered anticipates that the supply of USDe will hit approximately $40 billion by the end of 2028. With Ethena’s current issued USDe value sitting at $4.98 billion, the bank’s forecast represents an anticipated eightfold expansion.
Standard Chartered has initiated research coverage of Ethena.
They forecast potential USDe growth of ~8x in the next 2 years as the convergence of DeFi and TradFi accelerates.
Unclear why they are so bearish, but worth a read regardless: pic.twitter.com/JlzXqrqc07
— Ethena (@ethena) September 30, 2026
This growth trajectory aligns with the bank’s expectation that blockchain-deployed real-world assets will scale from roughly $40 billion today to $2 trillion over the same timeframe, thereby widening the addressable market for Ethena’s tokenized-asset and yield strategies.
Initially, Ethena derived USDe yields primarily through crypto basis trades—holding spot assets while shorting perpetual futures to hedge against price volatility. The protocol has since branched out into institutional credit, tokenized U.S. equities, and equity perpetual futures.
Furthermore, its newest equity initiative utilizes Binance bStocks for tokenized spot exposure alongside stock perpetuals for hedging. Following this rollout, open interest in Binance’s equity perpetuals climbed above $2.9 billion, while the reported six-month annualized basis return averaged 3.56%.
The valuation argument put forward by Standard Chartered also incorporates the economics of the ENA token. Ethena’s approved revenue-allocation model ties upcoming ENA buybacks directly to specific USDe supply milestones. The initial threshold is set at $7.5 billion in USDe supply, at which point 5% of eligible net revenue goes toward buybacks. This proportion increases to 10% at $10 billion, 15% at $15 billion, and 20% at $20 billion.
ENA Regains Key Support as 1.4B Token Unlock Approaches
According to CoinMarketCap data, ENA trades near $0.2586 at the time of writing. Daily charts show the token pulling back after a robust September surge that brought it close to the $0.30 threshold. Historical figures from Binance indicate ENA closed at $0.2566 on September 28 and $0.2484 on September 29, with September 30 trading oscillating between $0.2441 and $0.2633.
Technical indicators point to a slight easing of short-term momentum. On the 4-hour ENA/USDT chart, the asset changes hands around $0.2586, marking a modest rebound after locating support in the $0.24 to $0.250 range.
Closer inspection reveals buyers have stepped back in, pushing ENA above its 9-day moving average of $0.2514. Nevertheless, the token remains just beneath its 21-day moving average of $0.2603, establishing that threshold as an immediate resistance hurdle.
The Relative Strength Index (RSI) sits at 54.55, moving back above the neutral 50 mark. This signals improved buying momentum, though the reading remains comfortably below the 70 overbought threshold, leaving room for further upside should buyers maintain control.
Consequently, a decisive and sustained push above $0.2603 would strengthen the short-term technical structure and put the next resistance target near $0.2675 into play. Surpassing that level could pave the way toward the $0.275 to $0.280 band, while September’s peak near $0.30 continues to represent a more substantial resistance zone.
On the horizon, however, lies a significant supply event: approximately 1.4 billion ENA tokens are scheduled for release on October 5, introducing a large volume of previously locked assets into active circulation.
Should the price encounter rejection, $0.2514 serves as the primary support level to monitor, as it coincides with the 9-day moving average. A drop below that point would shift focus to the $0.245 to $0.250 zone where the latest recovery originated, and a definitive breakdown beneath that area would undermine the current recovery pattern.
Frequently Asked Questions
What is Standard Chartered’s long-term price prediction for ENA?
Standard Chartered forecasts that ENA will reach $2 by the end of 2028, with intermediate targets of $0.42 for the end of 2026 and $1.10 for the end of 2027.
What is driving Standard Chartered’s bullish forecast for Ethena?
The bank’s outlook is primarily driven by the anticipated growth of Ethena’s synthetic dollar stablecoin, USDe, which is projected to reach an $40 billion supply by late 2028, alongside broader expansion in tokenized real-world assets.
What major supply event is approaching for ENA?
Approximately 1.4 billion ENA tokens are scheduled to unlock on October 5, bringing a substantial amount of previously locked supply into circulation and potentially adding selling pressure.
What are the key technical support and resistance levels for ENA?
Immediate resistance sits at the 21-day moving average near $0.2603, while key support rests at the 9-day moving average near $0.2514 and the lower $0.245 to $0.250 range.
