Standard Chartered forecasts SKY rising fivefold to $0.325 by 2028

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 DeFiLlama.Related: Crypto valuations could double as protocols link revenue to tokens: Bitwise CIOCointelegraph is committed to independe...