What you say makes sense. Either they will convert the USDT to Bitcoin, or they will convert it to another stablecoin. If they convert it to Bitcoin, then Bitcoin will rise along with the cryptos.

USDT delisting??? Is this really a matter to worry about??
The upcoming ban of usdt in EU exchanges(on 30 December) has created much fear in the whole crypto market... I know the fear is very small but you need to take a quick action...As it is just a Fud. .I am not trying to spread fear but remember the LUNA crash(from 119$ to 0.0001)...
If you still have usdt holdings then I would advise you to convert them into FDUSD or USDC by 1:1 ratio.. If you have bought coins with your usdt in spot, then check if their other trading pairs are available.. If present then you don't need to worry about.. Sell your holdings later on these pairs when you achieve your target..
I know USDT is a very large company with the billions of dollars in reserves, but it is better to be cautious.. They don't have any audit till now, they don't even follow any regulations and we often hear the news against it..
I think it may be a start of bull run... If FUD increases by 30 dec,, then all the usdt holdings will start flowing into Btc, big caps and memes... and we all will see a wonderful altseason. . Get ready.
I may be wrong and all I said is just a prediction so please don't criticize.. You still have time to convert your stable holdings .. DYOR...