Standard Chartered’s first formal assessment of SKY projects the token will reach $0.325 by the end of 2028, five times the $0.065 baseline in its Sept. 11 research note. SKY traded at $0.0628 on Sept. 12. Global Head of Digital Assets Research Geoff Kendrick linked the forecast to broader value distribution through staking rewards and token buybacks as the Sky ecosystem expands, saying token-holder value could at least double over the next 12 months. Sky, which adopted its current name in 2024, uses USDS as its dollar-pegged cryptocurrency and principal liquidity source for its lending system. Agents borrow USDS at wholesale rates and deploy it across approved yield strategies; Standard Chartered said they had borrowed $5.9 billion since September 2024, while Sky’s June update reported deployments above $5.5 billion. USDS supply reached $10.04 billion in June, up 96.9% year over year but down from $11.14 billion in May. SKY holders govern protocol parameters and can stake their tokens for rewards, while treasury-funded buybacks can burn tokens or redistribute them to stakers. The token’s maximum supply is capped at 23.46 billion. Standard Chartered expects SKY’s gains to broadly track ETH and outperform BTC through 2028, alongside the bank’s targets of $18,000 for ETH and $300,000 for BTC. Slower-than-expected growth in yield-bearing stablecoins is the principal risk to the outlook. The bank also maintains a forecast for the overall stablecoin market to reach $2 trillion by the end of 2028.