Fair play, I recognise I'm coming across as a bit of a prick, (not for the first time obvs) but you've continued to engage in good faith.I can't answer your question as I don't know what would happen. It's never happened, so I have nothing to base an answer of. Probably the same result if there was a run on the banks.
Hypothetically speaking, I'd move my money out of Tether back to Bitcoin and buy gold. Or hold it in crypto.
My view would be that when (or if) the time comes it'll happen way too fast for the majority to get out and into another asset class. You can only get out if someone wants in and there'll only be enough demand from people trying to "buy the dip" to last maybe twenty minutes or so before it rattles right off the cliff edge.
Considering my example above relates to a supposedly "safe" stablecoin with $69bn of "investment" only being supported by $2bn of dollars and you don't have a view on what would happen if a mere 10% of people wanted out I think it's plain to see that any crypto is a very high risk asset which *could* crash to zero. And you can't compare stablecoin to a run on the banks for the reasons I outlined above (liquidity and capital reserve rules / deposit protection).
Folk will make some huge profits along the way but any that haven't been converted to fiat are only paper profits and can disappear like snaw aff a dyke.