Standard Chartered has started tracking the SKY token and forecasts its price will reach $0.325 by the end of 2028. That is roughly five times higher than the $0.065 price cited in the bank’s Friday report.
Geoff Kendrick, Standard Chartered’s global head of digital assets research, compared Sky, formerly known as MakerDAO, to a “federal bank.” He said the project issues stablecoins, establishes a governance framework and sets a base interest rate for borrowers, according to Cointelegraph.
Kendrick noted that most of the value returned to SKY holders comes through staking rewards, while token buybacks play a smaller role.
SKY could outperform Bitcoin
Standard Chartered’s forecast suggests that SKY could grow at roughly the same pace as Ethereum through the end of 2028 while outperforming Bitcoin.
The bank itself expects Ethereum to reach $18,000 and Bitcoin to hit $300,000 by the end of 2028.
Sky’s yield-bearing sUSDS stablecoin currently has around $4.5 billion in total value locked and offers an annual yield of about 3.6%, according to DeFiLlama.
Why Standard Chartered is interested in SKY
Standard Chartered’s interest can be explained by Sky’s scale and its position in the fast-growing stablecoin market. The project ranks third among the largest stablecoin issuers behind Tether and Circle, while leading the yield-bearing stablecoin segment. This makes Sky one of the few major DeFi projects already operating with billions of dollars in capital.
Sky also sits at the intersection of two areas that major financial institutions are watching closely: stablecoins and decentralized lending. For Standard Chartered, SKY is therefore not just another cryptocurrency, but a token tied to a large financial ecosystem whose model increasingly resembles traditional finance.
Earlier, Sky considered penalties for delays in swapping MKR for SKY.
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