SMSC makes a USB floppy disk controller chip. Internally it contains
a 765 floppy disk controller controlled by an 8051 microcontroller.
From the datasheet it's not clear whether or not
the hardware and
standard firmware support 5.25" floppy drives.
http://www.smsc.com/main/catalog/usb97cfdc2_01.html
http://www.smsc.com/main/datasheets/97cfdc2_01.pdf
Power would not have to come from the USB bus. A USB device can have
its own power supply.