Standard Chartered Bank: SKY tokens may rise fivefold by the end of 2028

Standard Chartered Bank is optimistic about Sky Protocol: Its target price at the end of 2028 is five times bullish

According to The Block, Standard Chartered Bank has officially launched a coverage study on Sky Protocol and given a bullish price forecast for the end of 2028. The forecast shows that the value of Sky Governance Tokens is expected to increase fivefold, rising from a starting price of approximately $0.065 to $0.325.

Summary of core points

• Value expectations: Standard Chartered Bank's model predicts that SKY holders will experience a five-fold increase in value by the end of 2028.
• Prediction cycle: The target time is the end of 2028, which is a conditional goal rather than a achieved return.
• Conceptual analysis: The expression "DeFi's Federal Bank" is merely an analyst analogy that needs to be traced back to its origin and distinguished from any regulatory or legal status.

Detailed forecast details

The forecast comes from Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank. In a report released on September 11, 2026, he pointed out that the target price for SKY at the end of 2028 was set at US$0.325, compared to the starting price of approximately US$0.065 at that time.

Key data indicators

• Reported target price (end of 2028): US$0.325 per SKY.
• Background note: The Block reported that Standard Chartered Bank set this conditional end of 2028 target in September 2026. However, the original bank research report was not publicly available.

Kendrick's model links the five-fold increase in value to SKY holders to the growth of the USDS stablecoins and the broader Sky ecosystem, while noting that slower growth in income-based stablecoins is the main downside risk. Since the original bank notes were not obtained, these inputs were only attributed to The Block's reports and have not been independently verified.

The meaning of five-fold growth

If the target is reached, a five-fold starting price means a 400% gain. The calculation is simple and clear: the reported target price divided by the reported benchmark price equals five. This is based on arithmetic based on bank assumptions rather than actual market fluctuations.

Comparison of target price to starting price

• Multiple: 5 times
• Growth rate: +400%

The reported US$0.325 target is approximately five times the forecast starting price of US$0.065. This is an arithmetic derivation based on Standard Chartered assumptions (reported by The Block) and is not an observed rate of return or a comparison with subsequent market snapshots.

It should be noted that this benchmark price is different from real-time market data. In the snapshot on September 12, 2026, SKY's trading price was US$0.06321, a rolling 24-hour increase of 5.75%, the market value was approximately US$1.48 billion, and the average daily trading volume was approximately US$25.2 million. The rolling 24-hour change does not prove that the forecast drives price movements, and there is no evidence of a response to SKY's specific event window.

What the "DeFi's Federal Bank" analogy means to SKY

The "Federal Bank" analogy is the economic framework Kendrick conveys through The Block: Sky issues USDS stablecoins, formulates governance rules and lends at wholesale rates, while agents allocate borrowed funds to earn spreads. This describes a monetary infrastructure role, not a legal concession.

The metaphor behind the title

This metaphor does not in itself establish that Sky has federal concessions, central bank authority, deposit insurance or government support. Sky.money itself states that SKY is not a securities, which is a description of the operator and not an independent regulatory determination. This distinction is crucial as U.S. lawmakers continue to refine how the Clarity Act treats DeFi.

How agreement activity affects token value

The model is based on recorded agent activities. The Block reported that the total USDS borrowing from Spark, Grove and Obex platforms was US$5.9 billion, while the total borrowing limit was US$17.5 billion and the base interest rate was 3.8%. Spark's lending footprint is expanding, recently opening a USDT savings bank for OKX users.

Reserve capital is approximately US$90 million, and according to Kendrick's estimates, it could reach US$150 million in approximately eight months. The model also calls for the establishment of a buffer equivalent to 1.5% of the outstanding USDS to fund the stated increase in holder allocation. The forecast further assumes that SKY's pledge yield (reported at 4.2%) will remain at nearby levels.

The difference between SKY and bank equity

The difference between SKY and bank equity lies in the value return mechanism. Sky.money The document states that pledge rewards will not be funded by new issues. In addition, it cited a maximum supply cap of 23.46 billion SKYs, and new emissions have been permanently banned. This is a first-party statement and not an independently audited on-chain result.

SKY is the Ethereum ERC-20 governance token and the successor to MKR after MakerDAO's rebranding in 2024. It is currently the only governance token in the agreement. It is this successor status that allows forecasts based on agreement revenue and repurchase to be translated into token value.

What needs to be verified before evaluating the 2028 forecast

The main gap lies in the source documentation. Since Standard Chartered Bank's research notes were not obtained, the target price, benchmark price, valuation method and each model input were only verified as the attribution in The Block report, rather than the bank's own mathematical calculations.

Repo flows, agent borrowings, debt limits, and the 23.46 billion supply cap are not independently confirmed on-chain in the current evidence set. As of September 12, 2026, the overall sentiment of cryptocurrencies is in a "greedy" state in the Fear and Greed Index (a value of 63), but this is only a market-wide signal, not a specific reading of SKY, nor is it a reaction to the report. Evidence.

The end of 2028 is the only fixed deadline in the forecast, and reaching US$0.325 remains a conditional analyst forecast, depending on the growth of stablecoins and stable pledge yields. Readers should consider assumptions as key variables that determine the outcome when weighing, rather than just focusing on the upside potential in integer form.

Disclaimer : This article is for reference only and does not constitute financial or investment advice. There are significant risks in the cryptocurrency and digital asset markets. Be sure to conduct independent research before making a decision.