Key facts
- Standard Chartered forecasts Sky's SKY token to reach $0.325 by the end of 2028.
- The bank's price target implies a fivefold increase from Sky's current price of $0.065.
- Sky, formerly known as MakerDAO, is a decentralized finance platform that issues stablecoins.
- Sky is the third-largest stablecoin issuer and the largest issuer of yield-bearing stablecoins.
- Standard Chartered forecasts Ether to reach $18,000 and Bitcoin to reach $300,000 by the end of 2028.
- Sky's sUSDS token had $4.5 billion in total value locked and offered a 3.6% annual percentage yield.
Standard Chartered has initiated coverage of Sky's SKY token, setting a price target of $0.325 for the end of 2028, a significant fivefold increase from its current price of $0.065. Geoff Kendrick, the bank's global head of digital assets research, compared Sky, previously known as MakerDAO, to a "federal bank" due to its role in issuing stablecoins, establishing governance, and charging borrowers interest rates. The bank anticipates that Sky will primarily return value to token holders through staking rewards, with token buybacks playing a secondary role. Sky is recognized as the third-largest issuer of stablecoins globally, trailing only Tether and Circle, and holds the top position for issuing yield-bearing stablecoins. Standard Chartered also forecasts Ether to reach $18,000 and Bitcoin to reach $300,000 by the end of 2028. As of the report, Sky's sUSDS token had $4.5 billion in total value locked and offered a 3.6% annual percentage yield.