For those who haven't looked at it, I think that Stefanl's link is an excellent and very in-point medical/scientific paper. It documents a study in which "non-stationary" ultra-sonic sounds increased pleasurable brain activity in the test subjects, but only when sounds within the normal audio spectrum were simultaneously present. "We conclude, therefore, that inaudible high-frequency sounds with a nonstationary structure may cause non-negligible effects on the human brain when coexisting with audible low-frequency sounds."
So it would seem like ultra-sonic frequencies can be "audible," but only as a result of some intermodulation process with lower frequencies, or else, as the paper put it, "participation of nonauditory sensory systems such as somatosensory perception also needs to be considered in further investigations."
Still I can't understand the need for such a response (to 40kHz) while during recording the bandwidth is limited.
I'm not particularly familiar with the roll-off characteristics of professional recording microphones, but I would expect that although their bandwidth may only be specified to 20kHz in many cases, the roll-off would be gentle enough to capture significant content well above that frequency, assuming it is present.
So, if you are want to transport a 16-b word of music @ a 44.1KHz rate - this is what a CD laser mechanism does: every 1/44.1KHz seconds it spits out a 16-b word read off the physical spinning CD - you would have to transport each bit in 1/(16-b * 44.1KHz = 705.6KHz) seconds (so that you are ready to transport the next 16-b word that will arrive 1/44.1KHz seconds later.
So, your USB cable needs to have 705.6KHz bandwidth (& your DAC needs to run at 2*705.6KHz, as per Nyquist's criteria).
Keep in mind that two channels are present. That is the reason for the factor of 2 (which actually will be a little greater than 2 because additional non-data bits are needed to support the communication protocol).
Also, I'm not sure it's clear to everyone that the Nyquist criteria (sampled data systems being able to handle frequencies no higher than 1/2 the sample rate) does not relate to filtering at the output of a dac. Ultra-sonic spectral components that are present at the output of the dac chip itself, due to the 44.1kHz sample rate, will not alias, or "fold-down" to lower frequencies. A brick-wall anti-aliasing filter, which as I mentioned is needed at the input to an a/d, is not needed at the output of a d/a, even a non-oversampling d/a running at 44.1kHz. The spectral components associated with the sampling will be at frequencies of 44.1kHz and its harmonics (88.2, etc.), or at much higher frequencies if oversampling is used. They needn't necessarily even be filtered at all (consistent with Paulfolbrecht's comment), or if they are filtered the roll-off can be gentle.
Re Paul's comment about the desirability of no filtering, btw, I would expect that to be dependent on the specific components (preamp, power amp, speakers) that are being driven by the signal (particularly their bandwidths and their sensitivities to intermodulation distortion at high frequencies).
Regards,
-- Al