What will happen if USDT crashes?

As a keen observer of the cryptocurrency market, I'm curious to understand the potential implications of a potential USDT crash. Could you elaborate on the potential ripple effects it might have on the broader crypto ecosystem? Would it lead to a domino effect, affecting other stablecoins and cryptocurrencies? What about the liquidity of major exchanges that rely heavily on USDT? Would it be possible to see a sudden sell-off in other crypto assets? Moreover, what steps would regulators likely take to mitigate any potential systemic risks that might arise from such a crash? I'm interested in hearing your insights on this matter.