Standard Chartered forecasts SKY token to reach $0.325 by 2028

Standard Chartered’s digital assets research team released a note projecting that the SKY governance token will trade around $0.325 by the end of 2028 – roughly five times its current level. The forecast is anchored on growth in the Sky ecosystem and the expanding supply of its USDS stablecoin.

Current price and market context

At the time of the note, SKY was priced at $0.06, up 2.4% on the day and 11% over the past 30 days, giving the token a market value of about $1.4 billion according to CoinGecko.

Growth drivers outlined by Standard Chartered

• USDS supply expansion: USDS total supply on Ethereum is 6.62 billion, while Sky reported USDS supply of $10.04 billion in June and $11.14 billion in May. The protocol projects USDS supply to reach $20.6 billion in 2026, a 124 % year‑on‑year increase.
• Agent borrowing: Sky’s “Prime Agents” have borrowed $5.9 billion since September 2024, deploying over $5.5 billion across yield strategies. Major agents include Janus Henderson ($1.24 billion), BlackRock’s BUIDL ($713 million) and Anchorage ($260 million).
• Revenue and fee generation: Over the past 30 days the protocol collected $27.2 million in fees and $13.45 million in revenue, with $3.36 million passed to token holders. Annualized fees are $400.73 million and revenue $214.41 million.
• Buy‑back program: Sky repurchased 18.6 million SKY in the trailing 30‑day period and has spent $120 million on buy‑backs since February 2025.

Analogy and risk factors

Kendrick likens the Sky ecosystem to a “federal bank,” issuing stablecoins, setting governance rules and earning interest from borrowers. He identifies three revenue streams: net interest income from agent borrowing, yield from the peg stability module on USDC, and returns from crypto‑backed vaults.

The primary risk highlighted is slower‑than‑expected growth in yield‑bearing stablecoins, which could limit the projected increase in value passed to SKY holders.

Comparative outlook

Standard Chartered’s note also projects ether at $18,000 and bitcoin at $300,000 by 2028, implying that SKY’s projected price appreciation would keep pace with ether and outperform bitcoin through that horizon.