Standard Chartered initiated coverage of Ethena’s ENA with a $2.00 price target by end-2028, implying roughly 7x upside from $0.28. The bank forecasts ENA at $0.42 by end-2026, $1.10 in 2027 and $2.00 in 2028, as USDe supply potentially grows to $40 billion and token buybacks scale alongside it.