Standard Chartered · Aave · Coinbase · The Block
‘DeFi’s federal bank’: Standard Chartered sees SKY token rising fivefold by end-2028
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Standard Chartered Bank has initiated coverage of DeFi platform Sky, formerly MakerDAO, forecasting that its SKY token will rise fivefold to $0.325 by the end of 2028 from about $0.065 currently.
Key facts
- Standard Chartered Bank has initiated coverage of DeFi platform Sky, formerly MakerDAO, forecasting that its SKY token will rise fivefold to $0.325 by the end of 2028 from about $0.065 currently
- The team estimate that the value Sky passes on to SKY token holders will increase 5x by end-2028 from today’s level, driven by growth in both the Sky ecosystem and USDS outstanding
- Overall, Kendrick continues to forecast the overall stablecoin market will reach $2 trillion by end-2028, but is less certain how much demand will go to yield-bearing stablecoins such
- Sky's three main agents, Spark, Grove and Obex, have borrowed a combined $5.9 billion in USDS, Kendrick noted
Summary
The bank calls Sky "DeFi's federal bank" because it issues stablecoins, creates a governance framework and charges a wholesale rate of interest to borrowers. "In the off-chain world, Sky would be akin to a central bank, issuing currency (USDS and DAI), setting governance rules for the agents, and lending money at wholesale interest rates," Geoffrey Kendrick, Standard Chartered's global head of digital assets research, wrote in a Friday report. Sky's three main agents, Spark, Grove and Obex, have borrowed a combined $5.9 billion in USDS, Kendrick noted. Spark focuses on crypto lending, including through protocols such as Aave and Morpho.