Standard Chartered has kicked off coverage of Sky’s SKY token with a bold call: the bank sees the price rising fivefold to 0.325 by the end of 2028, from the 0.065 level cited in a Friday report shared with Cointelegraph.
By Carlos Martinez | September 11, 2026
The Hook: A Big Bank Just Put a Price Tag on a DeFi Token
When a global bank like Standard Chartered publishes a price target on a decentralized finance token, investors tend to pay attention. The report, led by Geoff Kendrick, the bank’s global head of digital assets research, argues that Sky — the DeFi platform formerly known as MakerDAO — behaves less like a speculative crypto asset and more like a specialized financial institution.
For everyday investors, the significance is simple: this is one of the first times a major traditional bank has framed a DeFi governance token as a value-generating business, comparable to owning a stake in a lending operation, rather than a pure bet on token hype.
Why Kendrick Calls Sky a ‘Federal Bank’ on a Blockchain
Kendrick likened Sky to a “federal bank” for three reasons, according to the report. First, it issues stablecoins — digital dollars that hold a steady value. Second, it runs a governance framework, meaning SKY holders vote on how the system operates, similar to how a board oversees a bank. Third, it charges borrowers a wholesale interest rate, the kind of large-scale lending rate that banks charge their biggest clients.
The analyst wrote that Sky returns value to token holders primarily through staking rewards — think of staking as earning interest for locking your tokens to help run the network — with token buybacks accounting for a smaller share of the returns.
- Third-largest stablecoin issuer — Sky ranks behind only Tether and Circle in stablecoin issuance, per the report.
- Largest yield-bearing stablecoin issuer — its sUSDS token pays interest directly to holders.
- 4.5 billion in total value locked — the sUSDS token held roughly that amount, according to DeFiLlama data cited alongside the report.
- 3.6% annual yield — the current return on sUSDS, comparable to a savings account rate at many banks.
The Core Conflict: Bank Optimism vs. Crypto Reality
Not everyone will be convinced. A fivefold price target from a bank whose traditional clients are institutions can read like an invitation to retail investors to pile in. And Sky is no stranger to complexity: the protocol’s multi-year rebrand from MakerDAO to Sky involved new tokens, new stablecoins and a governance overhaul that confused even veteran users.
Kendrick also framed the call in relative terms. According to the report, the forecast implies SKY will broadly keep pace with Ether and outperform Bitcoin through 2028. Standard Chartered’s accompanying forecasts put Ether at 18,000 and Bitcoin at 300,000 by the end of 2028 — both far above current levels, with Bitcoin trading around 77,000 and Ether near 2,540 at the time of writing.
There is an important caveat for regular investors: bank price targets on crypto tokens are a new phenomenon without a long track record. Unlike a stock analyst covering Apple or a utility, Kendrick is valuing a protocol whose returns depend on lending-market conditions, governance decisions and stablecoin demand — factors that can shift quickly.
Market Implications: What This Means for Your Portfolio
The report lands at a moment when yield-bearing stablecoins are becoming one of the fastest-growing corners of crypto. Sky’s sUSDS competes with products from Tether, Circle and a wave of newer protocols, all offering savers a way to earn interest on digital dollars. If Standard Chartered’s institutional audience takes the analysis seriously, it could channel more traditional money into the sector.
For SKY holders, the bull case outlined by the bank is straightforward: more borrowing demand means more interest income, which flows back to stakers and supports the token’s value. The bear case is equally simple: if lending markets shrink or a governance misstep damages confidence, the token’s value proposition weakens quickly.
The Verdict
Standard Chartered’s 0.325 target for SKY by the end of 2028 is a milestone for how traditional finance values DeFi — treating a governance token like equity in a money machine rather than a lottery ticket. But investors should treat the number as one bank’s informed opinion, not a guarantee. The structural story — real yield, real lending income, real stablecoin scale — is what makes Sky interesting. The price target is just the headline.
The cryptocurrency market remains highly volatile. This article is for informational purposes only and does not constitute financial advice.
been holding since the old MakerDAO days and honestly the federal bank framing is the first pitch that actually makes sense to me. still think they fumbled the rebrand tho
fumbled is polite. took me three attempts to migrate my MKR and i do this for a living, imagine the average holder lol
same, migrated on attempt two and the federal bank pitch finally made the rebrand click for me. still not buying at 0.065 on a 2028 target though
a 5x call on SKY from an actual bank. 0.065 to 0.325 by end of 2028. two years ago the same desks were calling all of this rat poison lol
@vaultyrick_ kendrick flipflopped on the ETH ETFs too, bearish in 2022 then maximum bull after the filings. at least hes consistent about being inconsistent
his ETH flip printed huge when he turned bullish tho. loud and eventually right beats quietly wrong, most research desks manage the second one
dai undercollateralized chatter was everywhere last month and now a bank calls SKY a federal bank onchain. funny how fast the narrative flips when a coverage report drops
The framing as a specialized financial institution makes sense. Sky is basically a bank with a token attached, revenue comes from RWA collateral. Whether the market prices it that way is another question.
Geoff Kendrick calling 5x to 0.325 by 2028. same guy who had the aggressive bitcoin targets when everyone was bearish, so i wouldnt dismiss this one instantly
0.325 by 2028 needs two years of RWA growth with zero haircuts. that is the actual bet, the kendrick name recognition is just the marketing
standard chartered covering a maker successor token is wild. remember when MKR holders got airdropped SKY and half of them didnt even claim it
Half the airdrop went unclaimed because the migration messaging was a mess. If Sky could not reach its own holders, a 2028 bank valuation is bold.
0.325 assumes everything goes right for two straight years. one bad RWA haircut and that target is fantasy
fair point but the RWA book is mostly treasuries now, not 2023 era crypto collateral. different risk profile entirely
@norske_dt one RWA haircut and the whole federal bank pitch goes with it. the treasury collateral is the only thing keeping a 2028 target of 0.325 semi serious
3.6% on sUSDS while my bank pays 1.1 on savings. that part of the pitch sells itself ngl
except the sUSDS rate moves around, its not a fixed bank rate. fine today, but do not budget your life around it
3.6 vs 1.1 until the first rate cut cycle, then the spread compresses and the 0.325 thesis needs a new leg to stand on
cuts compress the 1.1 bank side too. spread narrowing hurts the pitch less than you think
cuts compress the 1.1 bank side too. spread narrowing hurts the pitch less than you think
a federal bank with deposit insurance this is not. sky holds treasuries and runs a forum vote, one of those things is not a bank charter
kendrick initiating at 5x on a governance token is the most bullish tell for the top of the RWA narrative i can think of. still might print tho lol
top of the RWA narrative is a stretch, banks missed every crypto bottom this decade. kendrick was early on ETH though, the tape respects his calls more than random desk notes
kendrick was calling for 350k eth two cycles running, the man is paid to be bullish. 0.325 by 2028 also assumes sky finishes the migration, which the unclaimed airdrop says is shaky
unclaimed airdrop was a UX failure, not a demand failure. migration tooling got fixed months ago, holding it against a 2028 target is lazy
fixing the migration tooling changes the UX complaint, not the demand question. still need a reason to buy SKY at 0.065 beyond a bank slide deck
unclaimed airdrop was a UX failure, not a demand failure. migration tooling got fixed months ago, holding it against a 2028 target is lazy