Gen V Season 2 has been planting the idea in the viewers' minds that Homelander may finally meet his match in the world of The Boys. Ever since the beginning of this season, the writers of this season have been building Jaz Sinclair's Marie Moreau as the only one Homelander should fear. This is why both the good and bad sides have their own designs for her.
The fifth episode of this season seemingly confirms the idea that Marie is Homelander's only threat. At the end of Gen V Season 2 Episode 5, The Kids Are Not All Right, Marie experiences a devastating loss, which she undoes, using her powers. Considering she possesses hemokinetic powers, i.e., the ability to weaponize and manipulate blood, she might be able to kill even Homelander.
Gen V Season 2 Episode 5 sees Marie undo death:
Marie, Jordan, and Emma try to rescue Cate from Elmira, but are captured by Cipher and Sage. Early in the episode, Marie tells Cipher that she won't be his weapon, but he reveals that he doesn't see her as a weapon but rather as a salvation. While we don't know what he means, the episode answers the question in its concluding minutes.
Then, he takes her to a cell, which is holding Annabeth (Marie's sister) as a hostage, and blackmails the hemokinetic protagonist. Some time later, as Jordan, Marie, Cate, and Emma are on their cells, Cate uses her powers on a guard to release her. After freeing herself, she frees the other three. Marie tells them to escape as she tries to break Annabeth, but they opt to join her.
However, they are shocked to see Annabeth lying dead on the ground, surrounded by blood because of her neck being slashed by a sharp object off-screen. However, Marie uses her power to resurrect her sister, and she does, and the episode cuts to black. This episode of Gen V Season 2 might be a turning point for Marie as she might finally believe Dean Cipher that she can be a threat to Homelander.
Many believe that Sister Sage and Cipher want to depower Homelander using Marie:
The first season traced Marie Moreau's rise and fall over the course of eight episodes as they uncovered Dean Indira Shetty's sinister plan to wipe out the supes. It culminates in her, Jordan, Andre, and Emma's imprisonment in Elmira. Just before that, Marie even withstands Homelander's heat vision, something even Victoria Neuman does in the season 4 finale on live television.
Jordan, Marie, and Emma are exonerated in the Gen V Season 2 premiere, and they are readmitted to Godolkin University under Dean Cipher. Cipher has been pushing Marie to embrace her full potential, and it seems he finally does so in the fifth episode by having Annabeth murdered just to see if Marie can resurrect her.
We already know that she can detect Compound V in someone's bloodstream. Thus, several fan theories suggest that Dean Cipher wants her to learn to separate Compound V from the bloodstream so that she can do that to Homelander. According to this theory, Sister Sage and Cipher joined forces to replace Homelander, and Marie is their ace in the hole.
As Gen V Season 2 Episode 6 releases in a day, catch the first five episodes of this season on Prime Video.