Standard Chartered has initiated research coverage on Ethena, predicting its native token ENA will reach $2 by the end of 2028. This price target represents approximately 10x upside from current levels as the bank highlights the protocol's rapid growth in the stablecoin sector. Ethena currently ranks as the fourth-largest stablecoin issuer behind Tether, Circle, and Sky, and holds the second-largest position among interest-bearing stablecoin issuers. Its USDe stablecoin achieved a $10 billion market cap faster than any previous stablecoin in the market.