

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.
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.