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Standard Chartered initiated coverage of Sky’s SKY token with a $0.325 price target for the end of 2028, up fivefold from the $0.065 price cited in a Friday report shared with Cointelegraph.Geoff Kendrick, the bank’s global head of digital assets research, likened Sky, a decentralized finance (DeFi) platform formerly known as MakerDAO, to a “federal bank” because it issues stablecoins, creates a governance framework and charges borrowers a wholesale interest rate.Kendrick wrote that Sky returns value to token holders primarily through staking rewards, with token buybacks accounting for a smaller share.Sky ranks as the third-largest stablecoin issuer behind Tether and Circle and the largest issuer of yield-bearing stablecoins.Kendrick added that the forecast implies that SKY will broadly keep pace with Ether and outperform Bitcoin through 2028. The bank forecasts Ether at $18,000 and Bitcoin at $300,000 by the end of 2028.Sky’s yield-bearing sUSDS token had $4.5 billion in total value locked and offered a 3.6% annual percentage yield, according to <a href="https://defillama.com/yields/stablecoins" rel="noopener noreferrer nofollow">DeFiLlama</a>.Related: <a href="https://cointelegraph.com/news/crypto-valuations-protocol-revenue-token-buybacks" rel="noopener noreferrer nofollow">Crypto valuations could double as protocols link revenue to tokens: Bitwise CIO</a>

Standard Chartered forecasts SKY rising fivefold to $0.325 by 2028

Cointelegraph

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