The D50 just appeared in the Massdrop daily email for $199.99.
https://www.massdrop.com/buy/topping-d50-dac
Oh well. I think it was worth $13 to get it a month sooner.
Yes, thanks, what I should have said was the data cable is utilizing pins 1 and 4 rather than just data +/-
I solved the issue, thanks to @zephyros 's suggestion.
First covered pin 1 (5V) with electrical tape - still noisy
Covered both pins 1 and 4 (ground) with electrical tape - no noise
Removed tape from pin 1 - no noise.
So it does look like it was a ground loop caused by the ground of the USB data cable. Any issue in covering/removing the ground pin?
Or you could just buy an ungrounded USB cable. There is someone selling them relatively cheaply on Ebay and Amazon.
Martin