Standard Chartered has launched research coverage on Sky’s SKY token, setting a target price of $0.325 by the conclusion of 2028, representing a fivefold increase compared to the $0.065 value noted in a Friday publication provided to Cointelegraph.
The institution’s global head of digital asset research, Geoff Kendrick, compared Sky—a decentralized finance network previously recognized as MakerDAO—to a central bank because it mints stablecoins, establishes a governance structure, and levies wholesale interest fees on borrowers.
Kendrick stated that Sky distributes value back to holders of its token principally via staking incentives, while token repurchases make up a minor portion.
Sky stands as the third-biggest stablecoin creator trailing Tether and Circle, as well as the premier creator of interest-generating stablecoins.
Kendrick also mentioned that this projection suggests SKY will generally match the trajectory of Ether and beat Bitcoin leading up to 2028. The financial institution projects Ether reaching $18,000 and Bitcoin hitting $300,000 by the close of 2028.
The interest-earning sUSDS token from Sky held $4.5 billion in total value locked alongside a 3.6% annual percentage yield, based on data from DeFiLlama.
Related: Crypto valuations could double as protocols link revenue to tokens: Bitwise CIO
Originally published at https://cointelegraph.com/news/sky-value-token-holders-standard-chartered?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound.
