172-year-old financial institution sees 400% upside for ‘federal financial institution’ token
Sky Protocol, earlier referred to as MakerDAO, is a decentralized finance (DeFi) venture constructed on Ethereum.
The crypto venture is greatest recognized for its USDS stablecoin. Pegged 1:1 to the U.S. greenback, USDS makes an attempt to maintain its worth the identical as that of the greenback.
As per the onchain analytics platform DeFiLlama, USDS has a market cap of greater than $6 billion and accounts for over 2% of the overall stablecoin market.
Sky Protocol’s governance token, SKY, offers holders the correct to vote on the protocol’s future. With a market cap of $1.38 billion, SKY is the 62nd largest cryptocurrency.
Associated: Defined: What’s a stablecoin?
Normal Chartered analyst says SKY will outperform Bitcoin via 2028
On Sep. 11, Normal Chartered initiated protection of the SKY token with a worth goal of $0.325 by the tip of 2028.
The 172-year-old financial institution’s international head of digital property analysis, Geoff Kendrick, in contrast the Sky Protocol to a “federal financial institution” because the crypto venture points stablecoins, has a governance framework, and lends property at a wholesale rate of interest. In reality, Sky can be the most important issuer of yield-bearing stablecoins.
Right here is the way it works.
Sky lets customers stake the USDS stablecoin in alternate for the sUSDS token. Not solely does the person earn the staking rewards on their USDS holding, they will additionally deploy the sUSDS token throughout the DeFi ecosystem.
As per DeFiLlama, sUSDS has a complete worth locked of $4.59 billion and presents an annual proportion yield (APY) of three.6%.
Trending on TheStreet Roundtable:
The SKY token holders primarily depend on staking rewards for returns, although token buybacks additionally generate returns, Kendrick stated.
Kendrick talked about $0.065 as SKY’s present worth. It means his 2028 goal of $0.325 represents an upside of 400%.
Normal Chartered sees Bitcoin (BTC) and Ethereum (ETH) hitting $300,000 and $18,000 by the tip of 2028.
As per the analyst, the most recent prediction implies that SKY will hold tempo with Ether however outperform Bitcoin via 2028.
Associated: Treasury Secretary Bessent points stern warning forward of Senate vote
This story was initially revealed by TheStreet on Sep 11, 2026, the place it first appeared within the MARKETS part. Add TheStreet as a Most popular Supply by clicking right here.
