Standard Chartered initiated coverage of the SKY token, from the decentralized finance platform of the same name—formerly known as MakerDAO—, with a price target of $0.325 by end of 2028, representing a fivefold increase from the current $0.06.
The report, authored by Geoff Kendrick, the bank’s global head of digital asset research, compares Sky to a “federal bank” for its ability to issue stablecoins, establish a governance framework and charge wholesale interest rates to borrowers. The analysis notes that the protocol transfers value to holders primarily through staking rewards, using token buybacks as a secondary component.
Sky is positioned as the third-largest stablecoin issuer in the market, behind Tether and Circle, and the largest issuer of yield-bearing stablecoins. Its sUSDS token holds $4.5 billion in total value locked and offers an annual yield of 3.6%, according to DeFiLlama.
Kendrick projects that the token will keep pace with Ethereum and outperform Bitcoin through 2028. According to CoinMarketCap, SKY trades at $0.06, up 1.5% over the past day, with daily volume around $30 million following a 31% spike, although it has recorded a nearly 10% loss over the past week.
Source:Â https://coinmarketcap.com/currencies/sky/
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