So, as of now, what are the
best cheap USB headphone dongles that have output > 1 Vrms?
Since we're talking about the best "cheap" dongles, even a few dollars should matter.

And onboard PEQ is not a must-have feature. DRE artifacts or any other performance issue should not be present.
Looking at the very current market offerings, these come into sight:
- TRN Black Pearl (with new firmware): $33.29 at AliExpress (BrightAudio)
- FiiO Melody (with new firmware): $39.99 at Amazon.com
- JCally JM20 Max (not completely free of DRE distortion, though): $21.15 at AliExpress (CKLewis Audio)
- JCally JM20 (not completely free of DRE distortion): $18.97 at AliExpress (CKLewis Audio)
- Hidizs SD2: $31.99 (w/ coupon) at Amazon.com
- Hiby FC3 (no display): $23.02 at AliExpress (Hiby Official Store)
In particular, the Hiby FC3 is priced very nicely for now. If it measures same as the
FC3 w/ display, it will make a very nice, no-frills USB dongle.
EDIT. The FC3 can be one of a kind with respect to
- Price < $25
- No DRE-induced distortion
- Low noise for a dongle with a unity gain buffer (only behind the state-of-the-art, top-of-the-line DACs with over 120 dB SINAD)
- Relatively low power consumption and low heat thanks to integrated chip design (e.g., lower than op-amp design like the JM20 Max)
Any other dongles that I've missed?