The crystallization process of Zr70Cu27.5Rh 2.5 metallic glass was studied with Transmission Electron Microscopy (TEM). In contrast to previous studies where the precipitation of metastable icosahedral quasicrystalline (IQC) particles is of the interest, we designed the present work to focus on the nucleation process of the stable Zr2Cu crystalline phase. It has been found that the alloy consists of IQC particles distributed in amorphous matrix prior to the precipitation of the Zr 2Cu stable crystalline phase and Zr2Cu nucleates from the amorphous matrix. The encounter of the IQC phase with Zr2Cu transforms the former into the latter so quickly that no interface between them was found in the present experiment. These insights provide the basis for a discussion of the stability of metallic glasses and the IQC particles.