Standard Chartered sees ENA at $1.1 by end-2027 on USDe supply recovery

Standard Chartered sees Ethena’s ENA rising to $1.10 by the end of 2027, with the outlook hinging on a recovery in supply of the synthetic dollar USDe, according to Crypto Briefing. The bank set ENA price targets of $0.42 for the end of 2026, $1.10 for the end of 2027, and $2 for the end of 2028. It expects ENA to outperform BTC and ETH through the end of 2028. Standard Chartered’s analysis said a key condition is a recovery in USDe supply, which is currently around $4.9 billion. The bank said supply needs to exceed $7.5 billion for Ethena’s fee switch mechanism to activate, as the feature would direct 95% of protocol net revenue to ENA buybacks. It also expects USDe supply to expand to $40 billion by the end of 2028, while identifying the reversal of USDe’s supply decline and the ability to maintain attractive yields at scale as major risks.