What will happen if USDT collapse?

As a cryptocurrency investor, I'm deeply concerned about the potential collapse of USDT. Given its widespread use as a stablecoin in the crypto ecosystem, its collapse could have catastrophic consequences for the entire industry. Could you please elaborate on the potential impact of such an event? Would it lead to widespread market panic and liquidity crises? Would it affect other cryptocurrencies and their prices? And finally, what steps should investors take to prepare for such a scenario?