Standard Chartered set a $0.325 year-end 2028 target for Sky's SKY token, representing more than a fivefold increase from its current level and roughly five times the approximately $0.065 price cited in its September 11 report. Geoff Kendrick, the bank's global head of digital asset research, compared Sky with a federal bank because it issues stablecoins, operates a governance system and charges wholesale interest rates to borrowers. The bank expects wider adoption of USDS and higher lending volumes to support value accruing to SKY holders. Sky, formerly MakerDAO, is the third-largest stablecoin issuer behind Tether and Circle and the largest issuer of yield-bearing stablecoins. Its principal agents, Spark, Grove and Obex, had borrowed $5.9 billion in USDS and held combined borrowing facilities of $17.5 billion, nearly three times their outstanding borrowings. More than $5.5 billion had been deployed in yield strategies, while sUSDS had about $4.5 billion in total value locked and offered a 3.6% annualized yield. Standard Chartered says SKY could deliver returns similar to Ethereum and outperform Bitcoin by 2028 in a bullish scenario. The bank continues to forecast Ethereum at $18,000 and Bitcoin at $300,000 by the end of 2028.