Global banking giant Standard Chartered has reportedly raised its year-end Ethereum (ETH) price target, Ethereum being the second largest digital asset by market capitalization.
The financial services giant has raised its year-end ETH price target from $4,000 to $7,500, an increase of nearly 88%, due to increased industry participation and a surge in demand for the token in recent months, according to a new Reuters report.
Looking ahead, Standard Chartered also raised its 2028 price forecast for the top altcoin from $7,500 to $25,000, citing the recently passed (genius bill) – which creates a legal framework for stablecoins – will greatly boost the growth of its ecosystem, which is highly correlated with digital assets pegged to the U.S. dollar.
According to a Reuters report, Standard Chartered's head of digital asset research, Geoff Kendrick, said:
"We expect the stablecoin industry to grow by about 8x by the end of 2028, which will have a significant direct impact on fees on the Ethereum network."
Kendrick further stated that he envisions Ethereum Vault companies holding 10% of all available Ether.
Ethereum, which has experienced significant growth in the past few months, is currently trading at $4,687, almost matching its all-time high set in November 2021. In early July, Ethereum was worth $2,487.
