There are a number of devices that will convert USB to S/PDIF @ 24/96, however most output S/PDIF as coaxial rather than optical, and many cost more than the DacMagic, such as the Bel Canto USB Link 24/96 at $500. April Music also has the Stello U2 at $349.
There are also a few pro-style FireWire recording interfaces that can output coaxial S/PDIF @ 24/96, such as the M-Audio FireWire Solo at around $200.
There is a new USB to coaxial S/PDIF converter (24/192) coming out soon from M2Tech called the hiFace ($150), but it uses proprietary drivers and currently only works with foobar (and possibly Winamp) media players.
Why do you specifically want an optical output?
What media player are you using?
Steve