I use the ones from ftdi all the time, it sounds similar in concept. (Though I only use Rx/into the PC and ground).
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https://learn.sparkfun.com/tutorials/logic-levels/all
If i read your question correctly then you are wondering if the voltages you see are going to work for TTL devices. As you can see in the linked tutorial it is not just about nominal Vcc levels. Every chip is different. :)
"On certain 3.3 V devices, any voltages above 3.6 V will cause permanent damage to the chip. " Well thats not good. I guess I have my answer 3.9v is high 🤷
The 5.3V is from your computer, that's not the fault of the USB UART.
3.2V is perfectly acceptable for a 3.3V rail.
The 3.9V is a bit weird. Can you post a photo of your USB UART board? Maybe the main chip has an inbuilt 3.3V regulator separate to the external one.
Tx 4 reply http://0x0.st/81fc.jpg
That's a CH340G, it has an in-built 3.3V regulator. But there is no external regulator on the board.
Maybe the chip is running off its internal 3.3V, but the board designers put a tie-up resistor on one of its pins to 5V, which results in the weird 3.9V. Dunno. Try attaching a 1K resistor between that pin a GND, see if that makes the problem disappear.