diff --git a/x/bank/keeper/genesis.go b/x/bank/keeper/genesis.go
index 2390f2681..185084f62 100644
--- a/x/bank/keeper/genesis.go
+++ b/x/bank/keeper/genesis.go
@@ -35,26 +35,10 @@ func (k BaseKeeper) InitGenesis(ctx sdk.Context, genState types.GenesisState) {
 
 // ExportGenesis returns the bank module's genesis state.
 func (k BaseKeeper) ExportGenesis(ctx sdk.Context) types.GenesisState {
-	balancesSet := make(map[string]sdk.Coins)
-
-	k.IterateAllBalances(ctx, func(addr sdk.AccAddress, balance sdk.Coin) bool {
-		balancesSet[addr.String()] = balancesSet[addr.String()].Add(balance)
-		return false
-	})
-
-	balances := []types.Balance{}
-
-	for addrStr, coins := range balancesSet {
-		addr, err := sdk.AccAddressFromBech32(addrStr)
-		if err != nil {
-			panic(fmt.Errorf("failed to convert address from string: %w", err))
-		}
-
-		balances = append(balances, types.Balance{
-			Address: addr,
-			Coins:   coins,
-		})
-	}
-
-	return types.NewGenesisState(k.GetParams(ctx), balances, k.GetSupply(ctx).GetTotal(), k.GetAllDenomMetaData(ctx))
+	return types.NewGenesisState(
+		k.GetParams(ctx),
+		k.GetAccountsBalances(ctx),
+		k.GetSupply(ctx).GetTotal(),
+		k.GetAllDenomMetaData(ctx),
+	)
 }
diff --git a/x/bank/keeper/view.go b/x/bank/keeper/view.go
index 68a476565..727c2b699 100644
--- a/x/bank/keeper/view.go
+++ b/x/bank/keeper/view.go
@@ -22,6 +22,7 @@ type ViewKeeper interface {
 	HasBalance(ctx sdk.Context, addr sdk.AccAddress, amt sdk.Coin) bool
 
 	GetAllBalances(ctx sdk.Context, addr sdk.AccAddress) sdk.Coins
+	GetAccountsBalances(ctx sdk.Context) []types.Balance
 	GetBalance(ctx sdk.Context, addr sdk.AccAddress, denom string) sdk.Coin
 	LockedCoins(ctx sdk.Context, addr sdk.AccAddress) sdk.Coins
 	SpendableCoins(ctx sdk.Context, addr sdk.AccAddress) sdk.Coins
@@ -67,6 +68,32 @@ func (k BaseViewKeeper) GetAllBalances(ctx sdk.Context, addr sdk.AccAddress) sdk
 	return balances.Sort()
 }
 
+// GetAccountsBalances returns all the accounts balances from the store.
+func (k BaseViewKeeper) GetAccountsBalances(ctx sdk.Context) []types.Balance {
+	balances := make([]types.Balance, 0)
+	mapAddressToBalancesIdx := make(map[string]int)
+
+	k.IterateAllBalances(ctx, func(addr sdk.AccAddress, balance sdk.Coin) bool {
+		idx, ok := mapAddressToBalancesIdx[addr.String()]
+		if ok {
+			// address is already on the set of accounts balances
+			balances[idx].Coins = balances[idx].Coins.Add(balance)
+			balances[idx].Coins.Sort()
+			return false
+		}
+
+		accountBalance := types.Balance{
+			Address: addr,
+			Coins:   sdk.NewCoins(balance),
+		}
+		balances = append(balances, accountBalance)
+		mapAddressToBalancesIdx[addr.String()] = len(balances) - 1
+		return false
+	})
+
+	return balances
+}
+
 // GetBalance returns the balance of a specific denomination for a given account
 // by address.
 func (k BaseViewKeeper) GetBalance(ctx sdk.Context, addr sdk.AccAddress, denom string) sdk.Coin {