Temporarily. For all the talk of crypto replacing central banks and the FIAT system, people heavily involved in crypto want to be able to cash out and buy their Lambo and have fun not being poor. So there will be a rush to use fiat gateways such as Coinbase to liquidize their crypto assets. Enormous sell pressure.

I would imagine the USDT to BTC rate would skyrocket while the USDT to USD rate plummeted. The exchange value between BTC & USD would not really be impacted.