Global banking giant Standard Chartered has officially launched coverage of Binance’s exchange token BNB, releasing a long-term bullish price forecast that sees the asset rising over 360% in value by 2028. The report, shared with The Block, places BNB in what the bank describes as a “benchmark-like role” in the evolving crypto capital structure. According to Geoffrey Kendrick, Standard Chartered’s Global Head of Digital-Asset Research, BNB is expected to rise from its current price near $600 to $1,275 by 2025 and hit $2,775 by 2028, before plateauing through 2029.

BNB in the Bigger Picture

Kendrick’s forecast aligns BNB closely with Bitcoin and Ethereum, noting that since May 2021, the token has moved “almost exactly in line with an unweighted basket of BTC and ETH in both returns and volatility.” He believes this pattern will continue, driven by the token's unique fundamentals and close ties to Binance, the world’s largest centralized crypto exchange.

The 360% projected surge is significant, especially considering Standard Chartered’s bullish outlook across the board:

  • Bitcoin (BTC): $200,000 by 2025, $500,000 by 2028

  • Ethereum (ETH): $4,000 by 2025, $7,500 by 2028

  • BNB: $1,275 by 2025, $2,775 by 2028

Despite these predictions, Kendrick acknowledges that BNB may underperform BTC and ETH in market cap growth. However, its deflationary supply mechanics and utility within Binance’s ecosystem provide compelling support for its long-term value.

Market Share Ratios: Subtle Shifts Ahead

Standard Chartered’s research also dives into cross-asset ratios, offering a look at how major cryptos may perform relative to each other:

  • The BTC-BNB ratio is projected to climb from 157 in 2025 to 180 by 2027, suggesting that Bitcoin will outpace BNB in dollar growth.

  • The ETH-BNB ratio, on the other hand, is expected to decline from 3.14 to 2.70, meaning Ethereum will likely still outperform BNB, but less dramatically.

These projections imply that while BNB holds a solid position, it may cede more dominance to Bitcoin in the coming years, especially with the next crypto bull cycle potentially driven by macroeconomic catalysts and institutional inflows.

Centralization and Developer Activity: Weak Points?

While the outlook is bullish, the report doesn’t shy away from BNB’s structural criticisms. Standard Chartered critiques BNB Chain’s proof-of-staked authority (PoSA) model, which operates with only 45 validators rotating every 24 hours—a stark contrast to Ethereum’s decentralized validator network of over a million nodes.

Additionally, the report notes that developer activity on BNB Chain has stagnated since the 2021 DeFi boom, now trailing Ethereum and Avalanche in terms of ecosystem growth and innovation.

Still, Kendrick emphasizes that BNB’s strategic role in Binance’s ecosystem, along with continued token burns and exchange utility, gives it a strong value proposition despite centralization concerns.

Conclusion: BNB Set to Climb, But With Caveats

Standard Chartered’s BNB forecast is one of the most detailed yet from a major bank. While the outlook is optimistic, it’s grounded in comparative analysis and cross-asset ratios. BNB is seen not just as a utility token but as a long-term asset with the potential to play a key role in crypto’s capital market structure.

As the broader crypto landscape matures, BNB’s trajectory will depend not just on Binance’s success but also on how the token balances centralization concerns, developer engagement, and competitive dynamics in an evolving market.

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