Standard Chartered expects SKY token to rise to $0.325 by end of 2028, five times the current price

Odaily News: UK bank Standard Chartered has initiated coverage on Sky's SKY token, setting an end-of-2028 target price of $0.325, representing a fivefold increase from the $0.065 cited in the report. The bank expects that as USDS adoption and lending capacity expand, the value Sky passes on to token holders by 2028 will reach more than five times the current level.

Geoff Kendrick, Standard Chartered's Global Head of Digital Asset Research, said Sky, formerly known as MakerDAO, is a decentralized finance (DeFi) platform that can issue stablecoins, establish governance frameworks, and charge wholesale rates to borrowers, making it similar to a "federal bank." Sky primarily returns value to SKY holders through staking rewards, with token buybacks accounting for a smaller proportion.

Sky is the world's third-largest stablecoin issuer, behind only Tether and Circle, and also the largest issuer of yield-bearing stablecoins. Standard Chartered expects SKY to roughly track Ether's performance and outperform Bitcoin through 2028; the bank projects Ether and Bitcoin prices to reach $18,000 and $300,000 respectively over the same period. DeFiLlama data shows that Sky's yield-bearing sUSDS token has a total value locked of $4.5 billion, with an annualized yield of 3.6%. (Cointelegraph)