University: The University of Western Australia
Academic supervisor: Prof. Dirk G. Baur
Industry partner: DFCRC
Academic Background and Work Experience
Nico completed his bachelor’s and master’s degrees at the University of Applied Sciences Aalen in Germany, and also earned a master’s degree from ESC Graduate School of Management in Clermont-Ferrand, France. He then worked in corporate finance at the German multinational ZEISS Group for two and a half years before beginning a PhD in finance at the University of Western Australia in Perth.
Thesis Topic
The Future of Non-Bank Financial Intermediation: Four Essays
Nico’s thesis examines the rise of crypto-related non-bank financial intermediaries, such as stablecoin issuers and crypto exchanges, and their implications for financial stability. He compares fiat-backed stablecoins with money market funds, analyses the collateral evolution of DAI, evaluates investor
behaviour during the March 2023 banking crisis, and studies crypto asset utilization in Türkiye amid persistent Turkish lira instability. His findings reveal structural parallels between stablecoins and traditional funds, alongside increasing centralization and intermediation within crypto markets. These
insights enhance understanding of how digital financial intermediation is reshaping the structure and dynamics of global capital markets.
About DFCRC
DFCRC oversees and operates a 10-year, $180 million research program as a collaboration between industry partners, universities, and the Australian Government through the Cooperative Research Centres Program. Our mission is to develop and leverage the next transformation in financial markets – the digitisation of assets traded and exchanged directly on digital platforms.