Sky

Standard Chartered initiated coverage of Sky Protocol's SKY token on Sep. 11 with a price target of $0.325 by the end of 2028, implying 400% upside from the current price of $0.065. The bank's global head of digital assets research, Geoff Kendrick, compared Sky Protocol to a "federal bank" because it issues stablecoins, has a governance framework, and lends assets at a wholesale interest rate, and he noted it is the largest issuer of yield-bearing stablecoins. Sky Protocol, earlier known as MakerDAO, is a decentralized finance project built on Ethereum whose USDS stablecoin has a market cap of more than $6 billion, over 2% of the total stablecoin market, while its governance token SKY has a market cap of $1.38 billion and ranks as the 62nd largest cryptocurrency. Users can stake USDS in exchange for the sUSDS token, which has a total value locked of $4.59 billion and offers an annual percentage yield of 3.6%, and Kendrick said SKY holders primarily rely on staking rewards for returns, though token buybacks also generate returns. Standard Chartered also sees Bitcoin and Ethereum hitting $300,000 and $18,000 by the end of 2028, implying SKY will keep pace with Ether but outperform Bitcoin through 2028.