Standard Chartered forecasts that the ENA token will reach $2 by the end of 2028, with interim targets of $0.42 in 2026 and $1.10 in 2027.

Betting on USDe Issuance Growing to $40 Billion

The main basis for the forecast is the expected increase in the issuance of the USDe stablecoin from the current level of around $4.9 billion to $40 billion by the end of 2028.

95% of Ethena’s Net Revenue Allocated to ENA Buybacks

Ethena plans to allocate 95% of its net revenue to buying back ENA. According to the report, if the token price remains at its current level and USDe supply reaches $40 billion, annual buybacks could account for about 23% of ENA’s total supply.