diff --git a/packages/assets-controllers/CHANGELOG.md b/packages/assets-controllers/CHANGELOG.md
index b2211ffd559..c8d303a1544 100644
--- a/packages/assets-controllers/CHANGELOG.md
+++ b/packages/assets-controllers/CHANGELOG.md
@@ -7,6 +7,10 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+### Fixed
+
+- Fixed `MultichainBalancesController` not retrying balance fetches after unlock, leaving token lists empty; now retries after unlock. ([#8579](https://github.com/MetaMask/core/pull/8579))
+
 ### Added
 
 - Expose missing public `CurrencyRateController` methods through its messenger ([#8561](https://github.com/MetaMask/core/pull/8561))
diff --git a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
index 84fec30388a..14b9f72cac6 100644
--- a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
+++ b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.test.ts
@@ -158,6 +158,7 @@ function getRestrictedMessenger(
       'AccountsController:accountRemoved',
       'AccountsController:accountBalancesUpdated',
       'MultichainAssetsController:accountAssetListUpdated',
+      'KeyringController:stateChange',
     ],
   });
   return multichainBalancesControllerMessenger;
diff --git a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
index a8c58ed4a61..d2db1e89fd0 100644
--- a/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
+++ b/packages/assets-controllers/src/MultichainBalancesController/MultichainBalancesController.ts
@@ -16,7 +16,10 @@ import type {
   CaipAssetType,
   AccountBalancesUpdatedEventPayload,
 } from '@metamask/keyring-api';
-import type { KeyringControllerGetStateAction } from '@metamask/keyring-controller';
+import type {
+  KeyringControllerGetStateAction,
+  KeyringControllerStateChangeEvent,
+} from '@metamask/keyring-controller';
 import type { InternalAccount } from '@metamask/keyring-internal-api';
 import { KeyringClient } from '@metamask/keyring-snap-client';
 import type { Messenger } from '@metamask/messenger';
@@ -105,7 +108,8 @@ type AllowedEvents =
   | AccountsControllerAccountAddedEvent
   | AccountsControllerAccountRemovedEvent
   | AccountsControllerAccountBalancesUpdatesEvent
-  | MultichainAssetsControllerAccountAssetListUpdatedEvent;
+  | MultichainAssetsControllerAccountAssetListUpdatedEvent
+  | KeyringControllerStateChangeEvent;
 /**
  * Messenger type for the MultichainBalancesController.
  */
@@ -190,6 +194,31 @@ export class MultichainBalancesController extends BaseController<
         await this.#handleOnAccountAssetListUpdated(updatedAccountAssets);
       },
     );
+
+    // When the keyring transitions from locked → unlocked, fetch balances for
+    // any non-EVM account that had its balance fetch skipped while locked.
+    let previouslyUnlocked = this.messenger.call(
+      'KeyringController:getState',
+    ).isUnlocked;
+    this.messenger.subscribe(
+      'KeyringController:stateChange',
+      ({ isUnlocked }) => {
+        const justUnlocked = isUnlocked && !previouslyUnlocked;
+        previouslyUnlocked = isUnlocked;
+        if (!justUnlocked) {
+          return;
+        }
+        for (const account of this.#listAccounts()) {
+          const hasBalance =
+            this.state.balances[account.id] &&
+            Object.keys(this.state.balances[account.id]).length > 0;
+          if (!hasBalance) {
+            // eslint-disable-next-line no-void
+            void this.updateBalance(account.id);
+          }
+        }
+      },
+    );
   }
 
   /**