Standard Chartered Predicts Ethena's ENA Token to Hit $1.10 by 2027

Standard Chartered Sets Price Targets for Ethena’s ENA Token, Bets on Synthetic Dollar Revival

Standard Chartered has achieved a notable first among major global banks by establishing formal price targets for Ethena’s ENA token. The banking giant forecasts that ENA could reach $1.10 by the end of 2027.

This projection represents a bold stance for a token currently trading between $0.25 and $0.28 following a recent surge. The ambitious outlook hinges significantly on the resurgence of a single key product.

Standard Chartered initiated coverage of Ethena on September 30, 2026, outlining a three-phase forecast for ENA, the protocol’s governance token. The bank’s price targets are set at $0.42 for the end of 2026, $1.10 for the end of 2027, and $2.00 for the end of 2028. Based on a reference price of approximately $0.28 at the time of the report, the ultimate target suggests a potential upside of around sevenfold. Furthermore, Standard Chartered anticipates ENA will outperform both Bitcoin and Ether by the close of 2028.

USDe’s Comeback Fuels ENA Forecast

The cornerstone of this entire forecast is USDe, Ethena’s synthetic dollar. This strategy employs a delta-neutral approach, which involves holding crypto assets while simultaneously taking offsetting positions in perpetual futures. The aim is to neutralize price volatility, creating a dollar-stable product capable of generating yield.

At the time of Standard Chartered’s report, the supply of USDe stood at approximately $4.9 billion, a figure considerably lower than its previous peak of over $10 billion. The bank projects that USDe’s supply will expand to $40 billion by the end of 2028.

Fee Switch Mechanism and Potential Risks

The connection between USDe’s growth and ENA’s price is facilitated by a mechanism known as a “fee switch.” Once the USDe supply surpasses $7.5 billion, this feature activates, directing 95% of net protocol revenue towards repurchasing ENA tokens. Currently, with USDe supply at roughly $4.9 billion, it remains below the $7.5 billion threshold required to trigger this buyback mechanism, meaning the engine driving the bullish case is presently inactive.

Standard Chartered’s projection also relies on Ethena diversifying its yield sources. The bank expects the protocol to move beyond its current reliance on perpetual futures strategies and expand into DeFi lending and real-world assets.

ENA reached an all-time high of $1.52 in April 2024. Despite its recent rally, the token is still trading significantly below this peak. Standard Chartered’s 2027 target of $1.10 would still fall short of its historical high, with only the 2028 target of $2.00 projecting the token into new territory.

Immediate Challenges and Investor Focus

The most immediate test for ENA is imminent, with an unlock of approximately 1.4 billion ENA tokens scheduled for October 5, 2026, just days after the report’s release.

Looking beyond the short term, the investment thesis is contingent on several factors aligning. USDe must reverse its current decline and surpass the $7.5 billion mark to activate token buybacks. Subsequently, it needs to continue growing towards the $40 billion valuation projected by Standard Chartered for 2028.

Standard Chartered itself has highlighted the primary risk: successfully reversing USDe’s downturn while maintaining attractive yields as the product scales. Yield-generating strategies often perform best at smaller scales, and returns can diminish as more capital enters the market.

For investors, this report offers a rare commodity in the crypto space: a major bank assigning specific price targets to a mid-cap token, accompanied by a clear set of underlying assumptions. Key metrics to monitor include the USDe supply figure, its progression beyond the $7.5 billion threshold, and ENA’s performance in the wake of the October 5 token unlock.