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SKY Standard Chartered Bank covers Sky token SKY for the first time, giving the most optimistic institutional forecast in the DeFi field.
Standard Chartered Bank has officially launched a coverage study on Sky's SKY token and given one of the most bullish institutional forecasts among DeFi assets. The bank expects SKY to reach $0.325 by the end of 2028, a target price that is about five times the $0.065 level cited in its September 11 research report.
Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, described Sky, formerly known as MakerDAO, as "DeFi's Federal Reserve." This metaphor stems from Sky's key role in issuing USDS and DAI stablecoins, setting governance rules, and providing loan capital to ecosystem participants at wholesale rates.
More importantly for price targets, Standard Chartered believes that the scale of value returned to SKY holders through pledge rewards and token repurchases is expected to increase fivefold by 2028.
The borrowing capacity of US$17.5 billion is the bigger thing.
The most eye-catching part of Standard Chartered's investment logic is not the price target itself, but the fact that Sky's three main capital allocation agents-Spark, Grove and Obex-borrowed approximately US$5.9 billion from the agreement. Their current combined borrowing line is about US$17.5 billion, almost three times the current use.
This unused capacity provides Sky with huge potential revenue leverage. These agents deploy USDS in crypto lending and real-world assets (RWAs) and pay Sky a base interest rate currently of approximately 3.8%. Among them, Spark is configured through agreements such as Aave and Morpho, while Grove provides asset exposure linked to fund managers such as BlackRock, Apollo and Janus Henderson.
If lending sizes expand towards existing ceilings and spreads remain similar, Standard Chartered estimates that Sky's revenue could increase another two to three times. The infrastructure supporting this logic stems from MakerDAO's transformation to Sky and USDS stablecoins, which replaced MKR with SKY as a governance token for the ecosystem.
stablecoin growth drives five-fold growth expectations
The second catalyst lies in Sky's balance sheet. The agreement currently has approximately US$90 million in consolidated reserve capital, which is part of a reserve buffer funded by income. Kendrick estimates that this buffer could reach about $150 million within eight months. Once the buffer reaches sufficient size, more revenue may be reallocated for SKY's pledge rewards and buybacks.
Standard Chartered Bank assumes that SKY's pledge yield remains at the current level of approximately 4.2%. In addition, Sky has also benefited from the overall expansion of the interest-bearing stablecoin market. The total lock-in value (TVL) of its sUSDS products is approximately $4.5 billion and yields of approximately 3.6%, while the USDS itself has expanded across multiple networks, including Solana.
Standard Chartered Bank Says SKY Outperforms Bitcoin
The bank's forecast also makes a remarkable relative value judgment. Kendrick said the target price of $0.325 means SKY is expected to roughly match Ethereum's earnings and outperform Bitcoin by the end of 2028. Standard Chartered Bank forecast ETH prices of US$18,000 and BTC prices of US$300,000 for the same period.
The main risk is obvious: the adoption rate of interest-bearing stablecoins may be lower than expected. Although Standard Chartered still expects the overall stablecoin market to reach US$2 trillion by 2028, it still has doubts about how much demand will flow into interest-bearing products such as USDS and Ethena's USDe.
