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Standard Chartered has started coverage of Sky’s SKY token with a $0.325 price target for the end of 2028, around five times the $0.065 price referenced in a Friday report.
The bank’s global head of digital assets research, Geoff Kendrick, described Sky, formerly known as MakerDAO, as resembling a “federal bank.” He pointed to its stablecoin issuance, governance structure and wholesale interest rates charged to borrowers as similarities.
According to Kendrick, staking rewards are the main way Sky returns value to SKY token holders, while buybacks play a secondary role. Sky is currently the third-largest stablecoin issuer after Tether and Circle and the largest issuer of stablecoins that generate yield.
The $0.325 forecast suggests SKY will keep pace with Ether while outperforming Bitcoin through 2028. Standard Chartered forecasts Ether at $18,000 and Bitcoin at $300,000 by the end of the year.
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