Global banking giant Standard Chartered is reportedly raising its end-of-year price target for Ethereum (ETH), the second-largest digital asset by market cap.
According to a new report by Reuters, the financial services titan is increasing its year-end ETH price target to $7,500 from $4,000, a rise of nearly 88%, citing improved industry engagement and a surge in demand for the token in recent months.
Looking further, Standard Chartered also raised its 2028 price prediction for the top altcoin from $7,500 to $25,000, arguing that the recent passage of the Genius Act – which created a legal framework for stablecoins – will greatly aid the growth of its ecosystem, which is highly intertwined with dollar-pegged digital assets.
As stated by Geoff Kendrick, Standard Chartered’s head of digital assets research, according to Reuters,
“We project that the stablecoin sector will grow by around 8x by end-2028, which would have a significant direct impact on fees on the Ethereum network.”
Kendrick goes on to say that he envisions Ethereum treasury firms will increase their holdings to 10% of all available Ether.
Ethereum, which has experienced significant growth over the past few months, is currently trading at $4,687, nearly matching its all-time high set in November 2021. At the start of July, Ethereum was valued at $2,487.
