The ANZ Bank became the first bank in Australia – and possibly in the world – to create a stablecoin used in a real transaction. The stablecoin will be pegged to the Australian dollar, and Australian dollar cash will be held $1 for $1 in a trust to fully back the A$DC (pronounced “A dollar DC”). ANZ initially created the stablecoin for its client, the investment company Victor Smorgon Group, to send $30 million to a digital asset fund manager, Zerocap, within 10 minutes. Traditional methods usually take days and involve a lot more conversion costs. A stablecoin is a cryptocurrency, the price of which is pegged to fiat money like the US or Aussie dollar, or to an exchange-traded commodity. ANZ expects strong demand for its A$DC and sees itself changing the form of money, without creating new supply.