The HP USB Disk Storage Format Tool allows you to format a USB Flash drive too FAT, FAT32, and NTFS file systems. It also allows you to create a DOS startup disk, but this is not very useful with modern versions of Windows.
Even though this tool is from 2014, it is still widely recommended by Flash drive manufacturers as the suggested tool to format USB Drives. It should be noted that you need to run the program with Administrative privileges for it to work properly.