Standard Chartered projects SKY token to reach $0.325 by 2028

Standard Chartered’s digital‑asset research team has set a five‑year price target of $0.325 for the SKY governance token, representing a five‑fold increase from its current reference level of $0.065. The projection was disclosed in a research note dated September 11, 2026.

Key drivers behind the forecast

The bank links the anticipated price rise to several ecosystem developments:

• Continued expansion of USDS, the dollar‑pegged stablecoin that supplies liquidity to the Sky protocol.
• Growth in agent borrowing activity, which has already reached $5.9 billion since the model’s launch in September 2024.
• Increased distribution of staking rewards funded by treasury‑backed token buybacks.
• Additional revenue channels such as the stUSDS product, which enables borrowing against staked SKY.

Revenue model and token mechanics

Sky agents act as decentralized capital allocators, borrowing USDS at wholesale rates and deploying it across approved yield strategies. The protocol funds staking rewards through open‑market repurchases of SKY, which can be burned or redistributed to stakers. The maximum supply is capped at 23.46 billion SKY.

Comparative outlook

Standard Chartered’s note suggests SKY price gains will track closely with Ethereum (ETH) and outperform Bitcoin (BTC) through the end of 2028. The bank’s separate 2028 targets are $18,000 for ETH and $300,000 for BTC.

Risks

The primary risk identified is slower‑than‑expected growth in yield‑bearing stablecoins, which could limit USDS expansion and, consequently, protocol revenue.