Crypto · updated 1h ago · 2 min read
Standard Chartered Forecasts SKY Token Could Reach $0.325 By End-2028
Standard Chartered sets SKY price target at $0.325 by end-2028. Implies SKY could rise fivefold from $0.065.
10 outlets, one story, no spin found.
7 of 8 outlets skipped it: sky had $27.2m fees and $18.6m SKY buybacks (30-day period).
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SKY price target by 2028
Standard Chartered initiated coverage of Sky’s SKY token with a forecast that it could reach $0.325 by the end of 2028, about five times the $0.065 price cited in a Friday report.
“Standard Chartered initiated coverage of Sky's SKY governance token on Friday with a forecast that it reaches $0.325 by the end of 2028”
In the note, Geoff Kendrick, Standard Chartered’s global head of digital assets research, wrote that the value Sky passes on to SKY token holders will increase 5x by end-2028 from today’s level.
The Defiant reported that SKY traded at $0.06 on Friday, gaining 2.4% on the day and up 11% over 30 days, with a market value of $1.4 billion.
The same report said Sky’s agents have borrowed $5.9 billion since the model was established in September 2024, and that increasing USDS outstanding is identified as “the key to increasing profit over time.”
Federal bank analogy and drivers
Kendrick compared Sky to a “federal bank” because it “issues stablecoins, creates a governance framework and charges a wholesale rate of interest to borrowers,” framing the upside around lending and stablecoin growth.
CoinGape said Kendrick expected the forecast to be driven by “growth in Sky’s USDS stablecoin, growing onchain lending, and staking rewards,” with token buybacks playing a smaller role.
The Defiant added that Sky collected $27.2 million in fees over the past 30 days and $13.45 million in revenue, including $3.36 million going to holders, while Sky bought back 18.6 million SKY over a trailing 30-day period.
Cointelegraph similarly reported that Kendrick wrote Sky returns value to token holders primarily through staking rewards, with token buybacks accounting for a smaller share, and that the forecast implies SKY will broadly keep pace with Ether and outperform Bitcoin through 2028.
Market targets and stablecoin stakes
Standard Chartered’s bullish scenario also included price targets for major crypto assets, with the bank forecasting ether at $18,000 and bitcoin at $300,000 by the end of 2028.
“Kendrick's note carries ether at $18,000 and bitcoin at $300,000 by end-2028”
The Defiant reported that Kendrick’s note carried house numbers for 2026 as well, with ether at $4,000 and bitcoin at $100,000, and said SKY would keep pace with ether and outperform bitcoin through 2028 on those figures.
Yellow said Standard Chartered projected the overall stablecoin market could reach $2 trillion by the end of 2028, while also calling it difficult to predict how much of that market would be made up of yield-bearing products.
In the same Yellow account, Standard Chartered described Sky’s structure as turning stablecoin liquidity into a yield business, and it stated that “45% of eligible income goes toward SKY staker rewards and 10% toward SKY buybacks.”