The bank also expects Ethena’s ENA token to rise roughly sevenfold to $2 by the end of 2028 as USDe scales and token buybacks increase.
Former Franklin Templeton digital asset executive Christopher Jensen will lead StablecoinX, the largest corporate holder of Ethena’s ENA token.
The self-custodial app brings USDe into everyday payments, savings and cross-border transfers, with annualized rewards of up to 6%.
The Ethena Foundation proposed buying the token supply held by major early investors and revealed a fee switch to turn 95% of net protocol revenue into ENA buybacks.
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