Standard Chartered initiated coverage of Ethena's ENA token with a $2 target for the end of 2028, compared with the roughly $0.28 level cited in its research. The bank projects Ethena's USDe synthetic dollar will grow from about $4.9 billion in supply to $40 billion by then, after falling from a previous peak above $10 billion. Its case depends on the protocol expanding yield generation beyond crypto basis trades into decentralized finance and institutional lending, real-world assets, and equity- and commodity-linked strategies. Ethena's governance-approved fee switch directs 95% of qualifying net revenue toward ENA buybacks once USDe reaches specified supply thresholds, beginning at $7.5 billion. Ethena estimates annual purchases of $375 million at $25 billion of USDe supply, based on a 6% gross protocol yield and a 25% net revenue take rate. Standard Chartered estimates buybacks at $40 billion of supply would equal about 23% of ENA's circulating market capitalization at an unchanged token price, a level it expects would decline as ENA is repriced higher. ENA traded near $0.27 on Wednesday, up about 28% over the previous week and 77% over the month, with a market capitalization of roughly $2.65 billion.