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09/12/2026

Standard Chartered Sees SKY Token Rising Fivefold by 2028, Labels It 'DeFi's Federal Bank'

What happened: Standard Chartered initiated coverage of Sky (formerly MakerDAO), projecting the SKY token will rise from about $0.

Standard Chartered Sees SKY Token Rising Fivefold by 2028, Labels It 'DeFi's Federal Bank'

What happened: Standard Chartered initiated coverage of Sky (formerly MakerDAO), projecting the SKY token will rise from about $0.065 to $0.325 by the end of 2028—a fivefold increase. The bank's digital assets research head, Geoffrey Kendrick, described Sky as "DeFi's federal bank," citing its issuance of stablecoins (USDS, DAI) and its three commercial-bank-like agents: Spark, Grove, and Obex. Collectively, these agents have borrowed $5.9 billion in USDS at a 3.8% base rate.

Why it matters: The bullish forecast reflects growing institutional interest in DeFi protocols that blend traditional banking functions with on-chain governance and stablecoin issuance. However, Standard Chartered's track record on altcoin predictions is mixed, and the report notes that the outcome is contingent on continued adoption of yield-bearing stablecoins—a key risk factor. The call positions Sky as a potential leader in DeFi's next growth phase, but also highlights the sector's dependence on regulatory clarity and user trust.

Source: The Block, Cointelegraph