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SKY Standard Chartered Bank covers Sky Native Tokens for the first time, setting a target price of US$0.325 at the end of 2028.
According to a report shared on Friday, Standard Chartered Bank has launched a coverage study on Sky Native Tokens (SKY) and set a target price of US$0.325 by the end of 2028. The bank's forecast represents five times the growth potential compared to the $0.065 price quoted at the time of its release.
Sky is compared to a "federal bank", analysis of the value regression mechanism of the DeFi platform
Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, compared Sky to a "federal bank", emphasizing its role in issuing stablecoins, maintaining governance frameworks and charging wholesale interest rates from borrowers. Sky is a decentralized finance (DeFi) platform previously known as MakerDAO.
Kendrick pointed out in the report that Sky mainly allocates value to SKY token holders through pledge rewards, while token repurchases account for a small proportion of returns. He said the bank's price target assumes that USDS adoption and lending capacity will continue to grow into 2028, driving expected earnings growth.
The world's third-largest stablecoin issuer, with outstanding yields
Sky is the world's third-largest stablecoin issuer, after Tether (USDT) and Circle (USDC), and is also the largest revenue-producing stablecoin issuer. As of the time of report release, the total lock-in value (TVL) of its sUSDS tokens reached US$4.5 billion, with an annualized rate of return (APY) of 3.6%.
SKY is expected to outperform Bitcoin and keep pace with Ethereum
Kendrick pointed out that SKY's target price suggests that the token will remain broadly in sync with Ethereum (ETH) and outperform Bitcoin (BTC) over the same period. Standard Chartered Bank separately predicts that by the end of 2028, ETH prices will reach US$18,000 and BTC prices will reach US$300,000.
The launch of this coverage study puts Sky on a par with other DeFi protocols that are of interest to traditional financial institutions, which are receiving increasing attention as the adoption of stablecoins increases. Sky's position as the largest revenue-producing stablecoin issuer has attracted particular interest in light of the rising demand for revenue-producing products on the chain.
The $0.325 target price provides investors with a specific benchmark to track the progress of the agreement over the next two years, especially as USDS liquidity and lending activity continue to expand.
