Its name probably comes from an island in the Red Sea, formerly called Topazos. Blue topaz (a treated form) is tremendously popular and is a wonderful substitute for the rare and expensive aquamarine, with which it is often confused.
Because topaz has always been associated with compassion and communication, it's a wonderful stone to wear when you need to "build bridges" between yourself and other people. Blue topaz, in particular, helps you have more control in touchy situations. For one thing, it develops curiosity and humor. For another, it heightens your competence without making you seem dominating.