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Moissanite

The short answer is no. Moissanite is a single crystal, not a coated stone, so there is no layer to wear off and no colour to fade. The longer answer is that rings get dirty, and a dirty stone looks cloudy.
Ultrasonic cleaners are fine for moissanite but not for all settings — avoid them if the ring has glued elements or fragile antique construction.
Prong tips worn flat, a bent shank, a lost melee stone, plating worn through. Those are bench jobs. A five-year-old ring usually needs a polish and re-plating, not a new stone.
Some moissanite develops a faint haze from manufacturing residue in the setting, which shows up in the first weeks. It is polish compound, not the stone, and it comes out with a soak and a brush.
With monthly cleaning and a re-plating every 12–24 months on white gold, a moissanite ring looks the same at five years as at one. Without cleaning, it looks dull at six months — and that is true of diamond too.