No dongle anymore, but the new authorization scheme is even more convoluted and fragile than an iLok key.
The most reliable option is to create your own dongle, placing the license on a thumb drive of your own. Of course, then you're right back in dongle-land, and if you lose or break the USB device you'll have to re-authorize.
The alternative is a locally-stored license, which alleviates the need for a hardware dongle. However, I do it that way and on three separate occasions my Waves plugins have suddenly all failed to work, requiring re-authorization. I could not get advice from the company because I didn't buy the WUP - not even an email query. Luckily, their published threat to only allow two re-authorizations per year was not enforced and I was able to get them working again. But I've not bought any more Waves products since.