In a landmark transaction for the digital economy, ANZ Bank has created a stablecoin pegged to the Australian dollar, reducing the risk of buying digital assets for its client Victor Smorgon Group and encouraging more customers towards crypto.

It is the first time an Australian bank has minted a digital asset linked to the value of the Australia dollar, and may be the first time a bank anywhere in the world has created a stablecoin that has been used in a real transaction. It comes as the federal government considers new laws to help Australia become a leading jurisdiction for digital assets.