Sounds right but if there was a general departure from crypto, I don’t expect Phire’s observation that “USDC, TUSD and BUSD, they are indeed drifting slightly high” to hold.
If some exchanges are making the second step much harder than the first, then a lot of people attempting to depart crypto could have the effect that we're seeing.
To elaborate tether is making the switch to dollars harder so people are preferring other stable coins?
People don't want stable coins, or any coins, they want fiat (they got into unstable coins as a way to get more fiat).