Blockchain & Digital Assets Weekly Briefing - Week 17
- Apr 23
- 11 min read
Week ending 23rd April 2026
Russia tightens domestic crypto payment restrictions while advancing regulation, Coinbase expands regulated infrastructure in the United Kingdom with GBP stablecoin listings and crypto-backed lending, DoorDash tests blockchain payouts for workers, and Coinbase advisory voices highlight quantum security preparation needs.
Russia advances crypto regulation while restricting domestic payments.
Coinbase lists GBP stablecoin tGBP as part of broader push to expand regulated digital money infrastructure.
Stablecoins move into everyday payments as DoorDash tests blockchain payouts for workers, signaling faster adoption of digital dollar infrastructure.
Coinbase launches crypto-backed lending in the UK, allowing users to borrow USDC against Bitcoin and Ethereum without selling holdings.
Coinbase advisory group warns quantum computing is not an immediate threat but requires urgent preparation for blockchain security upgrades.
Russia advances crypto regulation while restricting domestic payments
Russia has taken another step toward formalizing its approach to digital assets, as the State Duma approved, in its first reading, a government-backed bill to regulate cryptocurrency circulation. The proposal introduces a structured legal framework while maintaining strict limits on how digital currencies can be used within the country.
A centralized regulatory model
The draft legislation assigns primary oversight to the Bank of Russia, the country’s central bank and chief financial regulator. The institution would be responsible for licensing and supervising key market participants, including crypto exchanges, brokers, trustees, and digital asset custodians.
This move reflects Russia’s broader preference for centralized financial control. The Bank of Russia, which manages monetary policy for the world’s 9th-largest economy by nominal GDP, has historically taken a cautious stance on cryptocurrencies, often highlighting risks related to financial stability and capital outflows.
Crypto recognized as property
A notable provision in the bill is the formal classification of cryptocurrency as property. This legal definition clarifies how digital assets may be treated in areas such as taxation, inheritance, and bankruptcy proceedings.
However, the recognition comes with clear limitations.
Domestic use restricted, cross-border use enabled
The proposed law explicitly prohibits the use of cryptocurrencies as a means of payment within Russia. This means individuals and businesses would not be allowed to pay for goods, services, or labor using digital currencies within the domestic economy.
At the same time, the legislation opens the door for cryptocurrencies to be used in foreign economic activity. In particular, it permits their use in cross-border trade settlements—an area of growing strategic importance for Russia amid ongoing financial restrictions and limited access to traditional international payment systems.
Strategic context
This dual approach—restricting internal use while enabling external transactions—suggests a pragmatic policy direction. On one hand, authorities aim to maintain control over the domestic financial system and protect the ruble’s role as legal tender. On the other, they appear to be exploring cryptocurrencies as a tool to facilitate international trade under constrained conditions.
What comes next
Following its approval in the first reading by the State Duma, the bill will formally proceed through additional readings and potential technical amendments before becoming law. However, in Russia’s highly centralized political system, legislation of this scale—especially when government-initiated—typically advances with prior alignment at senior levels of government.
As a result, while procedural steps remain, the bill is widely expected to pass in some form. Its current structure already signals Russia’s intent to integrate digital assets into a regulated, state-supervised framework—one that enables controlled use cases, particularly in cross-border activity, without granting cryptocurrencies full monetary freedom domestically.
This approach positions Russia among major economies that are not simply reacting to digital assets, but actively shaping their role—balancing strategic utility with tight regulatory oversight in an evolving global financial landscape.
Coinbase lists GBP stablecoin tGBP as part of broader push to expand regulated digital money infrastructure
Coinbase, a US-based publicly listed cryptocurrency exchange with over 100 million registered users globally and a growing focus on payments and financial infrastructure, has added a British pound–backed stablecoin, tGBP, to its platform. The move is part of a wider industry trend toward using stablecoins for settlement and payments rather than only trading.
A measured expansion into local currency stablecoins
On 22 April 2026, Coinbase announced support for tGBP, a stablecoin designed to track the value of the British pound at a 1:1 ratio. It is issued by BCP Technologies, a UK-based firm operating under oversight in the Financial Conduct Authority (FCA) regulatory environment.
Unlike dollar-dominated stablecoins, tGBP is part of a growing subset of fiat-pegged digital assets that aim to reflect local currencies, reducing reliance on USD-based settlement for non-US users.
Stablecoins moving beyond trading markets
Coinbase frames stablecoins as increasingly used for payments, settlement, and cross-border transfers rather than purely speculative or trading purposes. Globally, stablecoin transaction volumes have grown significantly, with industry-wide estimates placing annual activity in the tens of trillions of dollars.
The company also highlights broader adoption trends, including rising interest from businesses in using stablecoins for treasury operations, payroll, and international payments. However, these use cases remain unevenly distributed and are still developing across jurisdictions.
Why a GBP stablecoin matters in context
Most stablecoin liquidity remains concentrated in US dollar–denominated assets. Introducing GBP-linked instruments reflects an attempt to broaden functionality for non-US markets.
Key design intentions include:
Lowering friction in cross-border payments involving sterling
Reducing foreign exchange exposure for UK-based transactions
Enabling integration with blockchain-based financial applications using local currency units
This approach aligns with a broader industry push toward “multicurrency stablecoin ecosystems”, although USD-backed tokens still dominate usage and liquidity.
Institutional adoption is growing, but uneven
Coinbase cites increasing interest from both corporate and retail segments, including expanding experimentation among large companies and SMEs with stablecoin-based settlement.
However, adoption remains concentrated in specific sectors such as crypto-native firms, fintech companies, and cross-border payment providers. Traditional financial institutions are generally still in pilot or early-stage integration phases.
Regulatory positioning remains central
The introduction of tGBP also reflects ongoing regulatory discussions in the UK around how stablecoins should be classified and supervised.
Coinbase highlights the importance of:
Clear reserve and custody requirements
Integration within existing financial regulatory frameworks
Avoiding restrictive caps that could limit issuance or experimentation
The UK government and regulators continue to develop a framework for digital assets, with stablecoins identified as a key focus area for future financial regulation.
Structural shift still in progress
While stablecoins are increasingly used in real-world financial flows, they still operate alongside traditional banking systems rather than replacing them. Their role in global finance remains evolving, particularly as regulators, institutions, and infrastructure providers define long-term standards.
Coinbase’s listing of tGBP reflects this transitional phase: expanding use cases for digital money while operating within an environment where regulatory clarity and mainstream adoption are still developing.
Stablecoins move into everyday payments as DoorDash tests blockchain payouts for workers, signaling faster adoption of digital dollar infrastructure
Stablecoins are increasingly shifting from crypto trading instruments into real-world payment systems, as major companies begin integrating blockchain-based settlement into everyday financial operations. One of the latest examples is DoorDash, a U.S.-based food delivery platform founded in 2013 and listed on the New York Stock Exchange, which operates in over 40 countries and connects consumers, merchants, and delivery workers (“Dashers”) through its digital marketplace.
DoorDash enters stablecoin-powered payment infrastructure
According to reporting on the company’s recent move, DoorDash is exploring the use of stablecoin-based payouts for its delivery workers through the Tempo blockchain network, a payments-focused infrastructure designed specifically for stablecoin transactions.
Tempo is backed by Stripe and venture firm Paradigm and launched its mainnet in March 2026 after raising about $500 million at a valuation of roughly $5 billion. The network is positioned as infrastructure for high-volume, real-world payment flows rather than speculative crypto activity.
Why companies are adopting stablecoin payments
The core argument behind the shift is efficiency. Stablecoin settlement can occur in seconds rather than the one-to-three business days typical of traditional bank transfers, while also reducing transaction costs, especially in cross-border payments where intermediaries can charge significant fees.
DoorDash co-founder Andy Fang summarized the rationale, stating that stablecoins offer “faster” and “more affordable” payouts for workers.
For platforms with global operations, such as DoorDash, these systems also reduce friction linked to currency conversion, banking access differences, and settlement delays across jurisdictions.
Broader industry context: stablecoins expanding beyond crypto markets
The DoorDash announcement reflects a wider trend in digital payments: stablecoins are increasingly being used for business-to-business transfers, payroll systems, and merchant settlement rather than only crypto trading. Industry data cited in market reporting shows stablecoins already handling tens of trillions of dollars in annual transaction volume, with projections suggesting further rapid expansion over the next decade.
At the same time, financial institutions and payment processors are actively exploring stablecoin integration. Companies such as Stripe and Mastercard are among those developing infrastructure or partnerships tied to blockchain-based settlement systems.
Coinbase launches crypto-backed lending in the UK, allowing users to borrow USDC against Bitcoin and Ethereum without selling holdings
Coinbase, one of the world’s largest cryptocurrency exchanges with more than 100 million verified users globally and assets on platform exceeding hundreds of billions of dollars at peak market cycles, has expanded its crypto lending services to the United Kingdom. The move introduces a new way for UK users to access liquidity by borrowing USDC stablecoins using their existing crypto holdings as collateral, rather than selling them.
What Coinbase has launched in the UK
Coinbase has introduced crypto-backed USDC loans for eligible UK customers. Users can pledge supported assets—currently Bitcoin (BTC), Ethereum (ETH), and Coinbase Wrapped Staked ETH (cbETH)—and receive USDC directly into their accounts, which can be used onchain or converted into fiat currency for spending purposes.
The service is powered by the DeFi lending protocol Morpho, running on Coinbase’s Ethereum layer-2 network Base. This means loans are executed through smart contracts, while users interact through the familiar Coinbase interface.
How the lending model works
The structure of the product reflects standard over-collateralised crypto lending practices:
Users deposit crypto assets (BTC, ETH, cbETH) as collateral
They can borrow USDC against that collateral, often up to a loan-to-value ratio around the mid-70% range
Loans are variable-rate and automatically adjusted based on onchain market conditions
If collateral value falls too far relative to the loan, partial or full liquidation can occur to repay debt obligations
Coinbase also states that borrowing can be completed in under a minute, positioning the product as a near-instant liquidity tool for crypto holders.
Scale and infrastructure behind the product
The lending infrastructure is not isolated to the UK rollout. Coinbase’s integration with Morpho has already processed more than $2.17 billion in USDC loans across markets, indicating early traction in its onchain credit model.
Instead of holding loans directly on its balance sheet, Coinbase routes borrowing activity through decentralised liquidity pools. This reduces counterparty risk for Coinbase while leveraging broader DeFi liquidity markets.
Why this matters in the UK context
The UK expansion is part of Coinbase’s broader push to position itself as more than a trading platform, increasingly offering financial services built on blockchain infrastructure. Over the past year, the company has expanded regulated operations in the UK, including registration as a crypto asset service provider and additional fiat and trading features for local users.
This new lending product reflects a shift toward “holding-based finance”, where users do not need to sell assets to access cash. Instead, crypto holdings can function similarly to collateral in traditional banking systems.
At the same time, the model carries inherent risks common in crypto lending markets, including volatility-driven liquidation and fluctuating interest rates, both of which are standard in over-collateralised DeFi systems.
Coinbase advisory group warns quantum computing is not an immediate threat but requires urgent preparation for blockchain security upgrades
Coinbase, one of the world’s largest cryptocurrency exchanges (founded in 2012 and publicly listed on Nasdaq under the ticker COIN), has released new research through its Independent Advisory Board on Quantum Computing and Blockchain. The group brings together leading cryptography and blockchain researchers from institutions such as Stanford University, the University of Texas at Austin, and the Ethereum Foundation. Its mandate is to assess how future advances in quantum computing could affect the security of digital assets and to guide industry-wide preparedness.
Context: why Coinbase created the advisory board
Earlier in 2026, Coinbase established this advisory board as part of a broader post-quantum security initiative. The goal is to anticipate long-term cryptographic risks rather than react after breakthroughs occur. According to Coinbase, most modern blockchains—including Bitcoin and Ethereum—currently rely on elliptic-curve cryptography, which could become vulnerable if sufficiently powerful quantum computers are developed in the future.
The newly published position paper is the board’s first major output, offering a structured assessment of risks and readiness across the blockchain ecosystem.
Key finding: crypto is safe today, but not forever
The advisory board’s central conclusion is nuanced:
No immediate threat exists today from quantum computers to blockchain security.
However, future large-scale quantum machines could eventually break current cryptographic signatures used to prove ownership of digital assets.
The paper stresses that while timelines remain uncertain, credible expert expectations suggest that development of such machines could occur over the coming decades, making early preparation essential.
Where the real vulnerability lies
The report distinguishes between different layers of blockchain security:
Core blockchain infrastructure (e.g., Bitcoin mining, hashing, and transaction history) is considered resilient to quantum attacks.
Wallet-level cryptography is the primary risk area, since it relies on digital signatures that could theoretically be broken by quantum algorithms in the future.
Some estimates referenced in industry commentary suggest that millions of bitcoins could be held in address types that may eventually be exposed if cryptographic standards are not updated, highlighting the scale of potential migration challenges.
Solutions exist, but implementation is the challenge
The advisory board notes that quantum-resistant cryptographic methods are already being developed and standardized. The U.S. National Institute of Standards and Technology (NIST) has published post-quantum algorithms designed to replace vulnerable schemes.
However, the difficulty is not invention but deployment:
New cryptographic systems require larger data sizes and more computing resources, which can affect transaction efficiency.
Migrating decentralized systems requires coordination across millions of users, wallets, and protocols, with no central authority to enforce upgrades.
This makes the transition significantly more complex than traditional financial system upgrades.
How major blockchain ecosystems are responding
The paper reviews how different blockchain networks are preparing:
Bitcoin is exploring new address formats and upgrade pathways but has not committed to a full migration plan. Read our latest research - Quantum Breakthroughs in 2026: Implications for Bitcoin Security and the Ethereum Ecosystem - here.
Ethereum has outlined a more structured roadmap toward quantum-resistant cryptography. Read our latest research - Quantum Breakthroughs in 2026: Implications for Bitcoin Security and the Ethereum Ecosystem - here.
Several newer networks, including Solana, Algorand, and Aptos, are already experimenting with or deploying post-quantum approaches.
The report also highlights that some blockchain projects are already integrating quantum-resistant signatures in production environments.
Broader implication: coordination becomes the central challenge
Beyond technical readiness, the paper emphasizes a governance problem: inactive or lost wallets may never be upgraded, raising difficult questions about how blockchains should handle potentially vulnerable assets over time. Any solution will require community consensus, transparency, and long-term planning.
Coinbase’s advisory board does not present quantum computing as an imminent crisis for crypto, but rather as a slow-moving structural risk that requires early coordination across the entire industry.
The overarching message is clear: cryptographic systems securing digital assets today are currently safe, but upgrading them in time to match future quantum capabilities will be one of the most complex infrastructure transitions the blockchain ecosystem has faced.
WHAT WE ARE READING (OR WATCHING)
The Cryptography Frontier
Coinbase Tests AI 'Coworkers' in Slack as It Expands Agent Strategy
The Stablecoin Standard
A dozen banks want a euro stablecoin. Fireblocks is making it happen
Governance Watch
'Game Theory Is Playing Out'—Russia's 144 Million Bitcoin Warning
Bank of Korea's New Governor Prioritizes CBDCs Over Stablecoins in First Policy Address
UK fintech backed to embrace future payments technology
The Nakamoto Engine
The Ethereum & Altcoin Atlas
On the Launchpad
GSR Launches Actively Managed Bitcoin, Ethereum and Solana Basket ETF on Nasdaq
The Tokenized Economy
Nomura, Mizuho, JSCC to trial tokenized collateral on Canton Network
The Global Pulse
Trump Extends Iran Ceasefire, Keeps Blockade as Talks Falter
Putin’s Oil Windfall Won’t Revive His Slowing Wartime Economy
This article is for informational purposes only and should not be considered financial advice. Please do your own research or consult a licensed financial advisor before making investment decisions.
