Have you considered longing a BTCUSDT perpetual and shorting an equivalent BTCUSDC contract or e.g. borrow and sell BTC if you dislike the other stablecoins?

The big risk in your play is that the crowd in a panic will select another stable coin for going on the sideline IF AND ONLY IF such a coin is available. If not they will buy the most stable non-stablecoin which is ... drumroll ... bitcoin.

Of course, long-term effects might be different.