Standard Chartered sets SKY token target at $0.325 by 2028

Geoff Kendrick, global head of digital assets research at Standard Chartered, initiated specific coverage for the SKY token with a price target of $0.325 for 2028. This figure represents a fivefold increase from the $0.065 valuation reported previously. The bank describes Sky, formerly MakerDAO, as a decentralized finance platform functioning like a federal bank due to its ability to issue stablecoins and manage governance frameworks. Kendrick notes that SKY holders receive value primarily through staking rewards, with token buybacks playing a smaller role. As of recent data from DeFiLlama, the yield-bearing sUSDS token held by Sky contains $4.5 billion in total value locked and offers an annual percentage yield of 3.6%. Kendrick positions SKY as the third-largest stablecoin issuer globally, behind Tether and Circle, and specifically identifies it as the largest issuer of yield-bearing stablecoins. In his broader outlook, Kendrick expects Ether to reach $18,000 and Bitcoin to hit $300,000 by late 2028. He projects SKY will track Ether's performance closely while surpassing Bitcoin returns over the same period.