Theoretically, its cash on the sidelines, so shouldn't impact the price.
Increases the likelihood of tether imploding as withdrawals shrink the proportional size of any reserve issues. That could certainly create a lot of negative attention, raising fear and dropping price.
Practically, I think tethers are often cash set aside for purchasing crypto in the future, so I wonder if this will lead to a significant portion USDT converting into BTC and other cryptos to become more 'liquid' in terms of transferability within the crypto banking system. (Not all exchanges people hold Tethers on are necessarily hooked up to their banking info for a wire transfer). Some might trade to BTC to move the value, which could increase price.
Who knows, will be interesting to see how it plays out if/when it plays out.