Standard Chartered has initiated coverage of the SKY token, projecting a price target of $0.325 by the end of 2028. This forecast represents a fivefold increase from the current price of $0.065. The bank anticipates that the platform will significantly enhance value for token holders as the adoption of USDS and borrowing capacity grow.
Geoff Kendrick, the bank’s global head of digital assets research, describes Sky, formerly known as MakerDAO, as a federal bank for the decentralized finance sector. The platform issues stablecoins, establishes governance frameworks, and charges wholesale interest rates to borrowers. Value is returned to holders primarily via staking rewards and token buybacks.
Sky currently holds the position of the third-largest stablecoin issuer, trailing Tether and Circle, while remaining the top issuer of yield-bearing stablecoins. Data from DeFiLlama indicates that the sUSDS token has a total value locked of $4,5 billion with an annual percentage yield of 3.6%.
The bank’s analysis suggests that SKY will perform in line with Ether and outperform Bitcoin over the coming years. Standard Chartered has set its own long-term price targets for these assets, forecasting Ether to reach $18 000 and Bitcoin to hit $300 000 by the end of 2028.
