USB : This gets a little interesting as there is no all-encompassing standard. Since USB is a computer connection, it is not restricted to send-and-forget. Generally the standard employed and used is USB Audio 1.1 as the drivers for this standard are distributed with most operating systems. USB Audio 1.1 is a streaming non-error-corrected protocol with a limited of 16-bit depth and 48kHz sample rate. The PC being a smart device so Audio over USB is only limited by the drivers and interfaces. Some devices like EMU 0404 USB have used the USB 2.0 protocol and with their own drivers (as well as firmware on the unit) can achieve higher bit depth and sample rates. Even USB 1.1 is capable of 24bit/192kHz, it just needs drivers to be written and USB receivers to be made to those standards.
There seems to be a lot of confusion regarding USB Audio with terms like "USB DAC" and without a doubt, it can be confusing when such things are said. There is no such thing as a "USB DAC", there is such a thing as a DAC that has a USB receiver, sometimes they are even on the same chip, but nevertheless, it is easier to understand that those two separate devices are there even though they may not necessarily be physically separate.
Just to really hammer this down, USB is the protocol, a USB Receiver receives the data (after it has "agreed" with the computer how it will communicate and drivers have been loaded) and the computer sends the data (in which case it acts as a transport).