Ethereum-Based Stablecoin Issuer ENA Could Surge 600%: Standard Chartered - Benzinga

Standard Chartered has issued a research note suggesting that ENA, the governance token tied to Ethereum-based stablecoin issuer Ethena, could appreciate substantially from current levels. The bank's analysts frame the projection around Ethena's role in the stablecoin sector, where its synthetic dollar product has drawn attention for offering a yield-bearing alternative to conventional dollar-pegged tokens.

The call matters because bank research on crypto-native tokens remains relatively uncommon, so a mainstream institution attaching a price target to a DeFi protocol token can influence how institutional readers assess the sector. It also highlights the broader contest over stablecoin market share, where issuers compete on yield mechanics, collateral design, and distribution.

What to watch: how Ethena's stablecoin supply and revenue actually trend, whether its yield model holds up across different rate environments, and how regulators treat yield-bearing dollar tokens. Forecasts of this magnitude are inherently speculative, and a single bank's target is an opinion, not a guarantee.