Standard Chartered, the British multinational bank, has published a forecast for Ethena. It expects the supply of Ethena's USDe stablecoin to reach $40 billion by the end of 2028, eight times its current size. Cointelegraph reported the forecast on Sep 30, 2026, in an article by Nate Kostar.
The bank says the growth would come from Ethena adding sources of yield outside crypto markets. Standard Chartered also expects Ethena's ENA token to reach $2 by the end of 2028, about seven times its current price.
The bank links the ENA target to two things: USDe getting bigger and Ethena buying back more tokens. The article does not give a timeline for either one before the end-2028 date.
All of this is one bank's forecast about the next two years. Nothing on Ethena or on any exchange has changed because of it. The article reports no change to USDe supply, to ENA's price or to any trading rules.
For someone already holding a perpetual position, this changes nothing directly. The report says nothing about funding rates, trading fees, margin rules or order-book liquidity on Bitget, Bybit, MEXC or OKX. Funding on ENA and other perps is still set by the market on each venue.
Source: cointelegraph — Standard Chartered sees Ethena’s USDe reaching $40B, ENA hitting $2