Ethena clearly indicates one thing in this table.

If you put your money in $USDE, in 1 year it will be 100$ > 121$

If you put your money in the US Treasury, in 1 year it will be 100$ > 105$

If you put your money in $USDT, $USDC, in 1 year it will be 100$ > 100$

USDT and USDC will gradually lose their dominance.