diff --git a/packages/multichain-account-service/src/MultichainAccountGroup.test.ts b/packages/multichain-account-service/src/MultichainAccountGroup.test.ts
index 927b6d6e76..408232bc35 100644
--- a/packages/multichain-account-service/src/MultichainAccountGroup.test.ts
+++ b/packages/multichain-account-service/src/MultichainAccountGroup.test.ts
@@ -25,7 +25,7 @@ import {
 } from './tests';
 import type { MultichainAccountServiceMessenger } from './types';
 
-function setup({
+async function setup({
   groupIndex = 0,
   messenger = getRootMessenger(),
   accounts = [
@@ -41,12 +41,12 @@ function setup({
   groupIndex?: number;
   messenger?: RootMessenger;
   accounts?: InternalAccount[][];
-} = {}): {
+} = {}): Promise<{
   wallet: MultichainAccountWallet<Bip44Account<InternalAccount>>;
   group: MultichainAccountGroup<Bip44Account<InternalAccount>>;
   providers: MockAccountProvider[];
   messenger: MultichainAccountServiceMessenger;
-} {
+}> {
   const providers = accounts.map((providerAccounts, idx) => {
     return setupBip44AccountProvider({
       name: `Provider ${idx + 1}`,
@@ -79,7 +79,7 @@ function setup({
     return state;
   }, {});
 
-  group.init(groupState);
+  await group.init(groupState);
 
   return { wallet, group, providers, messenger: serviceMessenger };
 }
@@ -92,7 +92,7 @@ describe('MultichainAccountGroup', () => {
         [MOCK_WALLET_1_SOL_ACCOUNT],
       ];
       const groupIndex = 0;
-      const { wallet, group } = setup({ groupIndex, accounts });
+      const { wallet, group } = await setup({ groupIndex, accounts });
 
       const expectedWalletId = toMultichainAccountWalletId(
         wallet.entropySource,
@@ -115,7 +115,7 @@ describe('MultichainAccountGroup', () => {
 
     it('constructs a multichain account group for a specific index', async () => {
       const groupIndex = 2;
-      const { group } = setup({ groupIndex });
+      const { group } = await setup({ groupIndex });
 
       expect(group.groupIndex).toBe(groupIndex);
     });
@@ -125,36 +125,36 @@ describe('MultichainAccountGroup', () => {
     it('gets internal account from its id', async () => {
       const evmAccount = MOCK_WALLET_1_EVM_ACCOUNT;
       const solAccount = MOCK_WALLET_1_SOL_ACCOUNT;
-      const { group } = setup({ accounts: [[evmAccount], [solAccount]] });
+      const { group } = await setup({ accounts: [[evmAccount], [solAccount]] });
 
       expect(group.getAccount(evmAccount.id)).toBe(evmAccount);
       expect(group.getAccount(solAccount.id)).toBe(solAccount);
     });
 
     it('returns undefined if the account ID does not belong to the multichain account group', async () => {
-      const { group } = setup();
+      const { group } = await setup();
 
       expect(group.getAccount('unknown-id')).toBeUndefined();
     });
   });
 
   describe('get', () => {
-    it('gets one account using a selector', () => {
-      const { group } = setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
+    it('gets one account using a selector', async () => {
+      const { group } = await setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
 
       expect(group.get({ scopes: [EthScope.Mainnet] })).toBe(
         MOCK_WALLET_1_EVM_ACCOUNT,
       );
     });
 
-    it('gets no account if selector did not match', () => {
-      const { group } = setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
+    it('gets no account if selector did not match', async () => {
+      const { group } = await setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
 
       expect(group.get({ scopes: [SolScope.Mainnet] })).toBeUndefined();
     });
 
-    it('throws if too many accounts are matching selector', () => {
-      const { group } = setup({
+    it('throws if too many accounts are matching selector', async () => {
+      const { group } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT, MOCK_WALLET_1_EVM_ACCOUNT]],
       });
 
@@ -165,32 +165,135 @@ describe('MultichainAccountGroup', () => {
   });
 
   describe('select', () => {
-    it('selects accounts using a selector', () => {
-      const { group } = setup();
+    it('selects accounts using a selector', async () => {
+      const { group } = await setup();
 
       expect(group.select({ scopes: [EthScope.Mainnet] })).toStrictEqual([
         MOCK_WALLET_1_EVM_ACCOUNT,
       ]);
     });
 
-    it('selects no account if selector did not match', () => {
-      const { group } = setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
+    it('selects no account if selector did not match', async () => {
+      const { group } = await setup({ accounts: [[MOCK_WALLET_1_EVM_ACCOUNT]] });
 
       expect(group.select({ scopes: [SolScope.Mainnet] })).toStrictEqual([]);
     });
   });
 
+  describe('status', () => {
+    it('is aligned when every provider has at least one account in the group', async () => {
+      const { group } = await setup({
+        accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
+      });
+
+      expect(group.status).toBe('aligned');
+    });
+
+    it('is missing-accounts when at least one provider has no accounts in the group', async () => {
+      const { group } = await setup({
+        accounts: [
+          [MOCK_WALLET_1_EVM_ACCOUNT],
+          [], // second provider has no accounts for this group
+        ],
+      });
+
+      expect(group.status).toBe('missing-accounts');
+    });
+
+    it('does not publish a status change event during init', async () => {
+      const messenger = getRootMessenger();
+      const mockStatusChange = jest.fn();
+      messenger.subscribe(
+        'MultichainAccountService:multichainAccountGroupStatusChange',
+        mockStatusChange,
+      );
+
+      await setup({ messenger });
+
+      expect(mockStatusChange).not.toHaveBeenCalled();
+    });
+
+    it('publishes a status change event when update transitions the group to aligned', async () => {
+      const messenger = getRootMessenger();
+      const providers = [
+        setupBip44AccountProvider({
+          name: 'Provider 1',
+          accounts: [MOCK_WALLET_1_EVM_ACCOUNT],
+          index: 0,
+        }),
+        setupBip44AccountProvider({
+          name: 'Provider 2',
+          accounts: [MOCK_WALLET_1_SOL_ACCOUNT],
+          index: 1,
+        }),
+      ];
+      const serviceMessenger = getMultichainAccountServiceMessenger(messenger);
+      const wallet = new MultichainAccountWallet({
+        entropySource: MOCK_WALLET_1_ENTROPY_SOURCE,
+        messenger: serviceMessenger,
+        providers,
+      });
+      const group = new MultichainAccountGroup({
+        wallet,
+        groupIndex: 0,
+        providers,
+        messenger: serviceMessenger,
+      });
+
+      await group.init({
+        [providers[0].getName()]: [MOCK_WALLET_1_EVM_ACCOUNT.id],
+      });
+
+      expect(group.status).toBe('missing-accounts');
+
+      const mockStatusChange = jest.fn();
+      serviceMessenger.subscribe(
+        'MultichainAccountService:multichainAccountGroupStatusChange',
+        mockStatusChange,
+      );
+
+      await group.update({
+        [providers[0].getName()]: [MOCK_WALLET_1_EVM_ACCOUNT.id],
+        [providers[1].getName()]: [MOCK_WALLET_1_SOL_ACCOUNT.id],
+      });
+
+      expect(group.status).toBe('aligned');
+      expect(mockStatusChange).toHaveBeenCalledTimes(1);
+      expect(mockStatusChange).toHaveBeenCalledWith(group.id, 'aligned');
+    });
+
+    it('does not publish a status change event when update does not change status', async () => {
+      const { group, providers, messenger } = await setup({
+        accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
+      });
+
+      const mockStatusChange = jest.fn();
+      messenger.subscribe(
+        'MultichainAccountService:multichainAccountGroupStatusChange',
+        mockStatusChange,
+      );
+
+      await group.update({
+        [providers[0].getName()]: [MOCK_WALLET_1_EVM_ACCOUNT.id],
+        [providers[1].getName()]: [MOCK_WALLET_1_SOL_ACCOUNT.id],
+      });
+
+      expect(group.status).toBe('aligned');
+      expect(mockStatusChange).not.toHaveBeenCalled();
+    });
+  });
+
   describe('isAligned', () => {
-    it('returns true when every provider has at least one account in the group', () => {
-      const { group } = setup({
+    it('returns true when every provider has at least one account in the group', async () => {
+      const { group } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
       });
 
       expect(group.isAligned()).toBe(true);
     });
 
-    it('returns false when at least one provider has no accounts in the group', () => {
-      const { group } = setup({
+    it('returns false when at least one provider has no accounts in the group', async () => {
+      const { group } = await setup({
         accounts: [
           [MOCK_WALLET_1_EVM_ACCOUNT],
           [], // second provider has no accounts for this group
@@ -200,14 +303,14 @@ describe('MultichainAccountGroup', () => {
       expect(group.isAligned()).toBe(false);
     });
 
-    it('returns true for a group with no providers', () => {
-      const { group } = setup({ accounts: [] });
+    it('returns true for a group with no providers', async () => {
+      const { group } = await setup({ accounts: [] });
 
       expect(group.isAligned()).toBe(true);
     });
 
-    it('returns true when a provider mock is configured to return true despite having no accounts (simulates disabled wrapper)', () => {
-      const { group, providers } = setup({
+    it('returns true when a provider mock is configured to return true despite having no accounts (simulates disabled wrapper)', async () => {
+      const { group, providers } = await setup({
         accounts: [
           [MOCK_WALLET_1_EVM_ACCOUNT],
           [], // second provider has no accounts
diff --git a/packages/multichain-account-service/src/MultichainAccountGroup.ts b/packages/multichain-account-service/src/MultichainAccountGroup.ts
index 8b7af73e08..326b42591e 100644
--- a/packages/multichain-account-service/src/MultichainAccountGroup.ts
+++ b/packages/multichain-account-service/src/MultichainAccountGroup.ts
@@ -7,13 +7,17 @@ import type {
 import type { Bip44Account } from '@metamask/account-api';
 import type { AccountSelector } from '@metamask/account-api';
 import type { KeyringAccount } from '@metamask/keyring-api';
+import { Mutex } from 'async-mutex';
 
 import type { Logger } from './logger';
 import { projectLogger as log, createModuleLogger } from './logger';
 import type { ServiceState, StateKeys } from './MultichainAccountService';
 import type { MultichainAccountWallet } from './MultichainAccountWallet';
 import type { Bip44AccountProvider } from './providers';
-import type { MultichainAccountServiceMessenger } from './types';
+import type {
+  MultichainAccountGroupStatus,
+  MultichainAccountServiceMessenger,
+} from './types';
 
 export type GroupState =
   ServiceState[StateKeys['entropySource']][StateKeys['groupIndex']];
@@ -24,6 +28,8 @@ export type GroupState =
 export class MultichainAccountGroup<
   Account extends Bip44Account<KeyringAccount>,
 > implements MultichainAccountGroupDefinition<Account> {
+  readonly #lock = new Mutex();
+
   readonly #id: MultichainAccountGroupId;
 
   readonly #wallet: MultichainAccountWallet<Account>;
@@ -48,6 +54,8 @@ export class MultichainAccountGroup<
 
   #initialized = false;
 
+  #status: MultichainAccountGroupStatus = 'missing-accounts';
+
   constructor({
     groupIndex,
     wallet,
@@ -83,6 +91,53 @@ export class MultichainAccountGroup<
     });
   }
 
+  /**
+   * Run a mutable operation while holding the group mutex.
+   *
+   * @param operation - Operation to run.
+   * @returns The operation's result.
+   */
+  async #withLock<Return>(
+    operation: () => Return | Promise<Return>,
+  ): Promise<Return> {
+    const release = await this.#lock.acquire();
+    try {
+      this.#log('Locking group...');
+      return await operation();
+    } finally {
+      release();
+      this.#log('Releasing group lock');
+    }
+  }
+
+  /**
+   * Derive the group status from the current provider alignment and optionally
+   * publish a status change event.
+   *
+   * @param options - Options.
+   * @param options.emitEvent - Whether to publish a status change event when
+   * the status changes. Defaults to `false`.
+   */
+  #syncStatus({ emitEvent = false }: { emitEvent?: boolean } = {}): void {
+    const nextStatus: MultichainAccountGroupStatus = this.isAligned()
+      ? 'aligned'
+      : 'missing-accounts';
+
+    if (nextStatus === this.#status) {
+      return;
+    }
+
+    this.#status = nextStatus;
+
+    if (emitEvent && this.#initialized) {
+      this.#messenger.publish(
+        'MultichainAccountService:multichainAccountGroupStatusChange',
+        this.id,
+        this.#status,
+      );
+    }
+  }
+
   /**
    * Update the internal representation of accounts with the given group state.
    *
@@ -106,32 +161,42 @@ export class MultichainAccountGroup<
   /**
    * Initialize the multichain account group and construct the internal representation of accounts.
    *
+   * NOTE: This operation WILL lock the group's mutex.
+   *
    * @param groupState - The group state.
    */
-  init(groupState: GroupState): void {
-    this.#log('Initializing group state...');
-    this.#setState(groupState);
-    this.#log('Finished initializing group state...');
-
-    this.#initialized = true;
+  async init(groupState: GroupState): Promise<void> {
+    await this.#withLock(async () => {
+      this.#log('Initializing group state...');
+      this.#setState(groupState);
+      this.#syncStatus();
+      this.#log('Finished initializing group state...');
+
+      this.#initialized = true;
+    });
   }
 
   /**
    * Update the group state.
    *
+   * NOTE: This operation WILL lock the group's mutex.
+   *
    * @param groupState - The group state.
    */
-  update(groupState: GroupState): void {
-    this.#log('Updating group state...');
-    this.#setState(groupState);
-    this.#log('Finished updating group state...');
-
-    if (this.#initialized) {
-      this.#messenger.publish(
-        'MultichainAccountService:multichainAccountGroupUpdated',
-        this,
-      );
-    }
+  async update(groupState: GroupState): Promise<void> {
+    await this.#withLock(async () => {
+      this.#log('Updating group state...');
+      this.#setState(groupState);
+      this.#syncStatus({ emitEvent: true });
+      this.#log('Finished updating group state...');
+
+      if (this.#initialized) {
+        this.#messenger.publish(
+          'MultichainAccountService:multichainAccountGroupUpdated',
+          this,
+        );
+      }
+    });
   }
 
   /**
@@ -170,6 +235,15 @@ export class MultichainAccountGroup<
     return this.#groupIndex;
   }
 
+  /**
+   * Gets the multichain account group current status.
+   *
+   * @returns The multichain account group current status.
+   */
+  get status(): MultichainAccountGroupStatus {
+    return this.#status;
+  }
+
   /**
    * Checks if there's any underlying accounts for this multichain accounts.
    *
diff --git a/packages/multichain-account-service/src/MultichainAccountService.ts b/packages/multichain-account-service/src/MultichainAccountService.ts
index c3eb45eb33..af7b8467b7 100644
--- a/packages/multichain-account-service/src/MultichainAccountService.ts
+++ b/packages/multichain-account-service/src/MultichainAccountService.ts
@@ -310,7 +310,7 @@ export class MultichainAccountService {
         messenger: this.#messenger,
         trace: this.#trace,
       });
-      wallet.init(serviceState[entropySource]);
+      await wallet.init(serviceState[entropySource]);
       this.#wallets.set(wallet.id, wallet);
     }
 
@@ -542,7 +542,7 @@ export class MultichainAccountService {
 
     assert(wallet, 'Failed to create wallet.');
 
-    wallet.init({});
+    await wallet.init({});
     // READ THIS CAREFULLY:
     // We do not await for non-EVM account creations as they
     // are depending on the Snap platform to be ready (which is, waiting for onboarding to be completed).
diff --git a/packages/multichain-account-service/src/MultichainAccountWallet.test.ts b/packages/multichain-account-service/src/MultichainAccountWallet.test.ts
index 92c0eeec16..45b4e457b6 100644
--- a/packages/multichain-account-service/src/MultichainAccountWallet.test.ts
+++ b/packages/multichain-account-service/src/MultichainAccountWallet.test.ts
@@ -38,7 +38,7 @@ import {
 } from './tests';
 import type { MultichainAccountServiceMessenger } from './types';
 
-function setup({
+async function setup({
   entropySource = MOCK_WALLET_1_ENTROPY_SOURCE,
   messenger = getRootMessenger(),
   providers,
@@ -56,11 +56,11 @@ function setup({
   messenger?: RootMessenger;
   providers?: MockAccountProvider[];
   accounts?: InternalAccount[][];
-} = {}): {
+} = {}): Promise<{
   wallet: MultichainAccountWallet<Bip44Account<InternalAccount>>;
   providers: MockAccountProvider[];
   messenger: MultichainAccountServiceMessenger;
-} {
+}> {
   const providersList =
     providers ??
     accounts.map((providerAccounts, i) => {
@@ -100,7 +100,7 @@ function setup({
     {},
   );
 
-  wallet.init(walletState);
+  await wallet.init(walletState);
 
   return { wallet, providers: providersList, messenger: serviceMessenger };
 }
@@ -124,9 +124,9 @@ describe('MultichainAccountWallet', () => {
   });
 
   describe('constructor', () => {
-    it('constructs a multichain account wallet', () => {
+    it('constructs a multichain account wallet', async () => {
       const entropySource = MOCK_WALLET_1_ENTROPY_SOURCE;
-      const { wallet } = setup({
+      const { wallet } = await setup({
         entropySource,
       });
 
@@ -140,8 +140,8 @@ describe('MultichainAccountWallet', () => {
   });
 
   describe('getMultichainAccountGroup', () => {
-    it('gets a multichain account group from its index', () => {
-      const { wallet } = setup();
+    it('gets a multichain account group from its index', async () => {
+      const { wallet } = await setup();
 
       const groupIndex = 0;
       const multichainAccountGroup =
@@ -159,24 +159,24 @@ describe('MultichainAccountWallet', () => {
   });
 
   describe('getAccountGroup', () => {
-    it('gets the default multichain account group', () => {
-      const { wallet } = setup();
+    it('gets the default multichain account group', async () => {
+      const { wallet } = await setup();
 
       const group = wallet.getAccountGroup(toDefaultAccountGroupId(wallet.id));
       expect(group).toBeDefined();
       expect(group?.id).toBe(toMultichainAccountGroupId(wallet.id, 0));
     });
 
-    it('gets a multichain account group when using a multichain account group id', () => {
-      const { wallet } = setup();
+    it('gets a multichain account group when using a multichain account group id', async () => {
+      const { wallet } = await setup();
 
       const group = wallet.getAccountGroup(toDefaultAccountGroupId(wallet.id));
       expect(group).toBeDefined();
       expect(group?.id).toBe(toMultichainAccountGroupId(wallet.id, 0));
     });
 
-    it('returns undefined when using a bad multichain account group id', () => {
-      const { wallet } = setup();
+    it('returns undefined when using a bad multichain account group id', async () => {
+      const { wallet } = await setup();
 
       const group = wallet.getAccountGroup(toAccountGroupId(wallet.id, 'bad'));
       expect(group).toBeUndefined();
@@ -187,7 +187,7 @@ describe('MultichainAccountWallet', () => {
     it('creates a multichain account group for a given index (waitForAllProvidersToFinishCreatingAccounts = false)', async () => {
       const groupIndex = 0;
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []], // 2 providers: EVM + SOL
       });
 
@@ -220,7 +220,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('returns the same reference when re-creating using the same index (waitForAllProvidersToFinishCreatingAccounts = false)', async () => {
-      const { wallet } = setup({
+      const { wallet } = await setup({
         accounts: [[MOCK_HD_ACCOUNT_1]],
       });
 
@@ -231,7 +231,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('fails to create an account beyond the next index (waitForAllProvidersToFinishCreatingAccounts = false)', async () => {
-      const { wallet } = setup({
+      const { wallet } = await setup({
         accounts: [[MOCK_HD_ACCOUNT_1]],
       });
 
@@ -256,7 +256,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(0)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[mockEvmAccount], [mockSolAccount]], // 2 providers
       });
 
@@ -288,7 +288,7 @@ describe('MultichainAccountWallet', () => {
 
     it('captures an error when a provider fails to create its account', async () => {
       const groupIndex = 1;
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[MOCK_HD_ACCOUNT_1]],
       });
       const [provider] = providers;
@@ -311,7 +311,7 @@ describe('MultichainAccountWallet', () => {
 
     it('does not capture exception when a provider times out creating accounts', async () => {
       const groupIndex = 1;
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[MOCK_HD_ACCOUNT_1]],
       });
       const [provider] = providers;
@@ -343,7 +343,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(groupIndex)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[mockEvmAccount0], []], // EVM has group 0, SOL has none
       });
 
@@ -376,7 +376,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(0)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [
           [mockEvmAccount], // EVM provider.
           [mockSolAccount], // Solana provider.
@@ -425,7 +425,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(0)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [
           [mockEvmAccount], // EVM provider.
           [mockSolAccount], // Solana provider.
@@ -468,7 +468,7 @@ describe('MultichainAccountWallet', () => {
 
   describe('createMultichainAccountGroups', () => {
     it('creates multiple groups from 0 to maxGroupIndex when no groups exist (waitForAllProvidersToFinishCreatingAccounts = false)', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []],
       });
 
@@ -524,7 +524,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(0)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[mockEvmAccount0], [mockSolAccount0]],
       });
 
@@ -584,7 +584,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(2)
         .get();
 
-      const { wallet } = setup({
+      const { wallet } = await setup({
         accounts: [[mockEvmAccount0, mockEvmAccount1, mockEvmAccount2]],
       });
 
@@ -599,7 +599,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('throws when maxGroupIndex is negative', async () => {
-      const { wallet } = setup({
+      const { wallet } = await setup({
         accounts: [[]],
       });
 
@@ -610,7 +610,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('captures an error with batch mode message when EVM provider fails', async () => {
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[]],
       });
 
@@ -636,7 +636,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('does not capture exception when a provider times out creating accounts in batch', async () => {
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[]],
       });
 
@@ -661,7 +661,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('creates accounts for all providers synchronously when waitForAllProvidersToFinishCreatingAccounts is true', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []],
       });
 
@@ -700,7 +700,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('defers non-EVM account creation to alignment after group creation (waitForAllProvidersToFinishCreatingAccounts = false)', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []],
       });
 
@@ -736,7 +736,7 @@ describe('MultichainAccountWallet', () => {
         .get();
 
       // Wallet with groups 0 and 2, gap at 1.
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[account0, account2]],
       });
 
@@ -774,7 +774,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('does not throw if a group cannot be created if it has no accounts', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[]],
       });
 
@@ -800,7 +800,7 @@ describe('MultichainAccountWallet', () => {
 
     it('logs an error to console when post-alignment fails unexpectedly', async () => {
       // Group 0 exists for EVM; SOL has no accounts yet (will be aligned).
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], []],
       });
 
@@ -859,7 +859,7 @@ describe('MultichainAccountWallet', () => {
         .withEntropySource(MOCK_HD_KEYRING_1.metadata.id)
         .withGroupIndex(0)
         .get();
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[mockEvmAccount1, mockEvmAccount2], [mockSolAccount]],
       });
 
@@ -902,7 +902,7 @@ describe('MultichainAccountWallet', () => {
         .withUuid()
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[mockEvmAccount], []], // SOL provider has no accounts yet
       });
 
@@ -925,7 +925,7 @@ describe('MultichainAccountWallet', () => {
         .withGroupIndex(0)
         .get();
 
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[mockEvmAccount], []], // EVM + SOL
       });
 
@@ -945,7 +945,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('is a no-op when the wallet is already aligned', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
       });
 
@@ -966,7 +966,7 @@ describe('MultichainAccountWallet', () => {
         .withEntropySource(MOCK_HD_KEYRING_1.metadata.id)
         .withGroupIndex(1)
         .get();
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[mockEvmAccount], [mockSolAccount]],
       });
 
@@ -1005,7 +1005,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('is a no-op when the group is already aligned', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
       });
 
@@ -1017,16 +1017,16 @@ describe('MultichainAccountWallet', () => {
   });
 
   describe('isAligned', () => {
-    it('returns true when all groups are aligned', () => {
-      const { wallet } = setup({
+    it('returns true when all groups are aligned', async () => {
+      const { wallet } = await setup({
         accounts: [[MOCK_WALLET_1_EVM_ACCOUNT], [MOCK_WALLET_1_SOL_ACCOUNT]],
       });
 
       expect(wallet.isAligned()).toBe(true);
     });
 
-    it('returns false when at least one group is not aligned', () => {
-      const { wallet } = setup({
+    it('returns false when at least one group is not aligned', async () => {
+      const { wallet } = await setup({
         accounts: [
           [MOCK_WALLET_1_EVM_ACCOUNT],
           [], // second provider has no accounts, so the group is not aligned
@@ -1036,7 +1036,7 @@ describe('MultichainAccountWallet', () => {
       expect(wallet.isAligned()).toBe(false);
     });
 
-    it('returns true for a wallet with no groups', () => {
+    it('returns true for a wallet with no groups', async () => {
       const serviceMessenger =
         getMultichainAccountServiceMessenger(getRootMessenger());
       const wallet = new MultichainAccountWallet<Bip44Account<InternalAccount>>(
@@ -1046,7 +1046,7 @@ describe('MultichainAccountWallet', () => {
           messenger: serviceMessenger,
         },
       );
-      wallet.init({});
+      await wallet.init({});
 
       expect(wallet.isAligned()).toBe(true);
     });
@@ -1054,7 +1054,7 @@ describe('MultichainAccountWallet', () => {
 
   describe('discoverAccounts', () => {
     it('runs discovery', async () => {
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[], []],
       });
 
@@ -1090,7 +1090,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('fast-forwards lagging providers to the highest group index', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []],
       });
 
@@ -1133,7 +1133,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('stops scheduling a provider when it returns no accounts', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[MOCK_HD_ACCOUNT_1], []],
       });
 
@@ -1157,7 +1157,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('marks a provider stopped on error and does not reschedule it', async () => {
-      const { wallet, providers } = setup({
+      const { wallet, providers } = await setup({
         accounts: [[], []],
       });
 
@@ -1192,7 +1192,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('captures an error when a provider fails to discover its accounts', async () => {
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[], []],
       });
       const providerError = new Error('Unable to discover accounts');
@@ -1213,7 +1213,7 @@ describe('MultichainAccountWallet', () => {
     });
 
     it('does not capture exception when a provider times out during account discovery', async () => {
-      const { wallet, providers, messenger } = setup({
+      const { wallet, providers, messenger } = await setup({
         accounts: [[], []],
       });
       providers[0].discoverAccounts.mockRejectedValueOnce(
diff --git a/packages/multichain-account-service/src/MultichainAccountWallet.ts b/packages/multichain-account-service/src/MultichainAccountWallet.ts
index 731fa3f777..2ad842e5a7 100644
--- a/packages/multichain-account-service/src/MultichainAccountWallet.ts
+++ b/packages/multichain-account-service/src/MultichainAccountWallet.ts
@@ -113,7 +113,7 @@ export class MultichainAccountWallet<
    *
    * @param walletState - The wallet state.
    */
-  init(walletState: WalletState): void {
+  async init(walletState: WalletState): Promise<void> {
     this.#log('Initializing wallet state...');
     for (const [groupIndexString, groupState] of Object.entries(walletState)) {
       // Have to convert to number because the state keys become strings when we construct the state object in the service
@@ -127,7 +127,7 @@ export class MultichainAccountWallet<
 
       this.#log(`Creating new group for index ${groupIndex}...`);
 
-      group.init(groupState);
+      await group.init(groupState);
 
       this.#accountGroups.set(groupIndex, group);
     }
@@ -270,14 +270,14 @@ export class MultichainAccountWallet<
    * @param groupState The group's state to create or update the group with.
    * @returns The created or updated multichain account group.
    */
-  #createOrUpdateMultichainAccountGroup(
+  async #createOrUpdateMultichainAccountGroup(
     groupIndex: number,
     groupState: GroupState,
-  ): MultichainAccountGroup<Account> {
+  ): Promise<MultichainAccountGroup<Account>> {
     let group = this.#accountGroups.get(groupIndex);
     if (group) {
       // NOTE: This will publish an update event automatically.
-      group.update(groupState);
+      await group.update(groupState);
 
       this.#log(`Group updated: [${group.id}]`);
     } else {
@@ -287,7 +287,7 @@ export class MultichainAccountWallet<
         groupIndex,
         messenger: this.#messenger,
       });
-      group.init(groupState);
+      await group.init(groupState);
 
       this.#accountGroups.set(groupIndex, group);
 
@@ -412,7 +412,7 @@ export class MultichainAccountWallet<
           const groupState = groupStateByGroupIndex.get(groupIndex);
 
           if (groupState) {
-            const group = this.#createOrUpdateMultichainAccountGroup(
+            const group = await this.#createOrUpdateMultichainAccountGroup(
               groupIndex,
               groupState,
             );
@@ -475,7 +475,10 @@ export class MultichainAccountWallet<
         for (let groupIndex = from; groupIndex <= to; groupIndex++) {
           const groupState = groupStateByGroupIndex.get(groupIndex);
           if (groupState) {
-            this.#createOrUpdateMultichainAccountGroup(groupIndex, groupState);
+            await this.#createOrUpdateMultichainAccountGroup(
+              groupIndex,
+              groupState,
+            );
           }
         }
       },
@@ -922,7 +925,7 @@ export class MultichainAccountWallet<
           groupIndex,
           messenger: this.#messenger,
         });
-        group.init(groupState);
+        await group.init(groupState);
         this.#accountGroups.set(groupIndex, group);
       }
 
diff --git a/packages/multichain-account-service/src/index.ts b/packages/multichain-account-service/src/index.ts
index 2c6dec78e8..9e1b8b11dd 100644
--- a/packages/multichain-account-service/src/index.ts
+++ b/packages/multichain-account-service/src/index.ts
@@ -3,9 +3,11 @@ export type {
   MultichainAccountServiceEvents,
   MultichainAccountServiceMessenger,
   MultichainAccountServiceMultichainAccountGroupCreatedEvent,
+  MultichainAccountServiceMultichainAccountGroupStatusChangeEvent,
   MultichainAccountServiceMultichainAccountGroupUpdatedEvent,
   MultichainAccountServiceWalletStatusChangeEvent,
 } from './types';
+export type { MultichainAccountGroupStatus } from './types';
 export type {
   MultichainAccountServiceResyncAccountsAction,
   MultichainAccountServiceGetMultichainAccountWalletAction,
diff --git a/packages/multichain-account-service/src/types.ts b/packages/multichain-account-service/src/types.ts
index b640f49757..3e5796163d 100644
--- a/packages/multichain-account-service/src/types.ts
+++ b/packages/multichain-account-service/src/types.ts
@@ -1,6 +1,7 @@
 import type {
   Bip44Account,
   MultichainAccountGroup,
+  MultichainAccountGroupId,
   MultichainAccountWalletId,
   MultichainAccountWalletStatus,
 } from '@metamask/account-api';
@@ -52,11 +53,24 @@ export type MultichainAccountServiceMultichainAccountGroupUpdatedEvent = {
   payload: [MultichainAccountGroup<Bip44Account<KeyringAccount>>];
 };
 
+/**
+ * Multichain account group status.
+ *
+ * Reports whether the group has accounts from every enabled account provider
+ * (EVM, Solana, Bitcoin, and Tron).
+ */
+export type MultichainAccountGroupStatus = 'aligned' | 'missing-accounts';
+
 export type MultichainAccountServiceWalletStatusChangeEvent = {
   type: `${typeof serviceName}:walletStatusChange`;
   payload: [MultichainAccountWalletId, MultichainAccountWalletStatus];
 };
 
+export type MultichainAccountServiceMultichainAccountGroupStatusChangeEvent = {
+  type: `${typeof serviceName}:multichainAccountGroupStatusChange`;
+  payload: [MultichainAccountGroupId, MultichainAccountGroupStatus];
+};
+
 /**
  * All events that {@link MultichainAccountService} publishes so that other modules
  * can subscribe to them.
@@ -64,6 +78,7 @@ export type MultichainAccountServiceWalletStatusChangeEvent = {
 export type MultichainAccountServiceEvents =
   | MultichainAccountServiceMultichainAccountGroupCreatedEvent
   | MultichainAccountServiceMultichainAccountGroupUpdatedEvent
+  | MultichainAccountServiceMultichainAccountGroupStatusChangeEvent
   | MultichainAccountServiceWalletStatusChangeEvent;
 
 /**