$0.325 per token is Standard Chartered's end-2028 price target for SKY, the governance token of Sky Protocol. At the analyst-cited spot price of $0.065, the five-fold multiple works out to 400% upside. The 172-year-old bank initiated coverage on September 11 through Geoff Kendrick, its global head of digital assets research.
| Metric | Figure | Source | Status |
|---|---|---|---|
| SKY current price | $0.065 | Geoff Kendrick | Reported |
| SKY end-2028 target | $0.325 | Standard Chartered | Projected |
| Implied upside | 400% | Standard Chartered | Projected |
| SKY market cap | $1.38 billion | n/a | Reported |
| USDS market cap | $6 billion+ | DeFiLlama | Reported |
| sUSDS TVL | $4.59 billion | DeFiLlama | Reported |
| sUSDS APY | 3.6% | DeFiLlama | Reported |
Protocol mechanics: what Standard Chartered is actually valuing
Sky Protocol, formerly MakerDAO, is a decentralized finance project built on Ethereum. Its primary product is USDS, a stablecoin pegged 1:1 to the U.S. dollar. On-chain analytics platform DeFiLlama places USDS market cap above $6 billion, a share exceeding 2% of the total stablecoin market. Sky is also the largest issuer of yield-bearing stablecoins.
Kendrick drew on three sourced attributes for the "federal bank" comparison: stablecoin issuance, a governance framework, and wholesale-rate lending. Sky is a decentralized protocol rather than a chartered bank, but those operating characteristics informed the analyst's framing.
SKY is the governance token; holders vote on the protocol's future direction. Primary financial returns run through staking rewards, with buybacks as a secondary mechanism, Kendrick said.
The yield product is sUSDS. A user stakes USDS and receives the sUSDS token, which earns staking rewards on the underlying position. The sUSDS token remains deployable across the DeFi ecosystem while those rewards accumulate. DeFiLlama records $4.59 billion in total value locked in sUSDS at a 3.6% annual percentage yield. SKY's market cap stands at $1.38 billion, placing it 62nd among all cryptocurrencies.
SKY within Standard Chartered's 2028 digital asset outlook
Kendrick's concurrent 2028 targets place Bitcoin at $300,000 and Ethereum at $18,000. He expected SKY to outperform Bitcoin but pace Ether over the same period.