Standard Chartered sees Ethena's USDe growing eightfold by 2028
- —Standard Chartered forecasts USDe supply rising from $4.9 billion to about $40 billion by end-2028
- —USDe peaked at $14.8 billion on Oct. 1, 2025, before the Oct. 10 liquidation cascade
- —BaFin barred Ethena GmbH from issuing USDe in Germany; the token falls outside the US GENIUS Act
- —sUSDe yield has fallen back to about 5%, versus roughly 4% for tokenized T-bill funds
Why it matters: A major bank's coverage lends credibility to synthetic stablecoins, but USDe's growth hinges on markets outside MiCA and the GENIUS Act.
Source: Journal du Coin