diff --git a/packages/assets-controllers/src/RatesController/RatesController.test.ts b/packages/assets-controllers/src/RatesController/RatesController.test.ts
index 12277764f5..bf9d0fc193 100644
--- a/packages/assets-controllers/src/RatesController/RatesController.test.ts
+++ b/packages/assets-controllers/src/RatesController/RatesController.test.ts
@@ -119,7 +119,7 @@ describe('RatesController', () => {
       const publishActionSpy = jest.spyOn(messenger, 'publish');
 
       jest.spyOn(global.Date, 'now').mockImplementation(() => getStubbedDate());
-      const mockRateValue = '57715.42';
+      const mockRateValue = 57715.42;
       const fetchExchangeRateStub = jest.fn(() => {
         return Promise.resolve({
           btc: {
@@ -142,7 +142,7 @@ describe('RatesController', () => {
       expect(ratesPreUpdate).toStrictEqual({
         btc: {
           conversionDate: 0,
-          conversionRate: '0',
+          conversionRate: 0,
         },
       });
 
@@ -177,12 +177,12 @@ describe('RatesController', () => {
 
     it('starts the polling process with custom values', async () => {
       jest.spyOn(global.Date, 'now').mockImplementation(() => getStubbedDate());
-      const mockBtcUsdRateValue = '62235.48';
-      const mockSolUsdRateValue = '148.41';
-      const mockStrkUsdRateValue = '1.248';
-      const mockBtcEurRateValue = '57715.42';
-      const mockSolEurRateValue = '137.68';
-      const mockStrkEurRateValue = '1.157';
+      const mockBtcUsdRateValue = 62235.48;
+      const mockSolUsdRateValue = 148.41;
+      const mockStrkUsdRateValue = 1.248;
+      const mockBtcEurRateValue = 57715.42;
+      const mockSolEurRateValue = 137.68;
+      const mockStrkEurRateValue = 1.157;
       const fetchExchangeRateStub = jest.fn(() => {
         return Promise.resolve({
           btc: {
diff --git a/packages/assets-controllers/src/RatesController/RatesController.ts b/packages/assets-controllers/src/RatesController/RatesController.ts
index 461e471d57..7abed73eed 100644
--- a/packages/assets-controllers/src/RatesController/RatesController.ts
+++ b/packages/assets-controllers/src/RatesController/RatesController.ts
@@ -29,7 +29,7 @@ const defaultState = {
   rates: {
     [Cryptocurrency.Btc]: {
       conversionDate: 0,
-      conversionRate: '0',
+      conversionRate: 0,
     },
   },
   cryptocurrencies: [Cryptocurrency.Btc],
@@ -119,7 +119,7 @@ export class RatesController extends BaseController<
       const { fiatCurrency, cryptocurrencies } = this.state;
       const response: Record<
         Cryptocurrency,
-        Record<string, string>
+        Record<string, number>
       > = await this.#fetchMultiExchangeRate(
         fiatCurrency,
         cryptocurrencies,
diff --git a/packages/assets-controllers/src/RatesController/types.ts b/packages/assets-controllers/src/RatesController/types.ts
index 7a422aaef2..83f7e8ccc9 100644
--- a/packages/assets-controllers/src/RatesController/types.ts
+++ b/packages/assets-controllers/src/RatesController/types.ts
@@ -12,17 +12,17 @@ import type {
 
 /**
  * Represents the conversion rates from one currency to others, including the conversion date.
- * The `conversionRate` field is a string that maps a cryptocurrency code (e.g., "BTC") to its
- * conversion rate. For this field we use string as the data type to avoid potential rounding
- * errors and precision loss.
- * The `usdConversionRate` provides the conversion rate to USD as a string, or `null` if the
- * conversion rate to USD is not available. We also use string for the same reason as stated before.
- * The `conversionDate` is a Unix timestamp (number) indicating when the conversion rate was last updated.
+ * The `conversionRate` field is a `number` that maps a cryptocurrency code (e.g., "BTC") to its
+ * conversion rate. Precision lost is not relevant in this case since the value is only used for UI
+ * purposes, once we start to use it for operations, there should be the proper checks.
+ * The `usdConversionRate` provides the conversion rate to USD as a `number`, or `null` if the
+ * conversion rate to USD is not available.
+ * The `conversionDate` is a Unix timestamp (`number`) indicating when the conversion rate was last updated.
  */
 export type Rate = {
-  conversionRate: string;
+  conversionRate: number;
   conversionDate: number;
-  usdConversionRate?: string;
+  usdConversionRate?: number;
 };
 
 /**
diff --git a/packages/assets-controllers/src/crypto-compare-service/crypto-compare.ts b/packages/assets-controllers/src/crypto-compare-service/crypto-compare.ts
index 4d92d3af6a..0d62e0bea5 100644
--- a/packages/assets-controllers/src/crypto-compare-service/crypto-compare.ts
+++ b/packages/assets-controllers/src/crypto-compare-service/crypto-compare.ts
@@ -139,7 +139,7 @@ export async function fetchMultiExchangeRate(
   fiatCurrency: string,
   cryptocurrencies: string[],
   includeUSDRate: boolean,
-): Promise<Record<string, Record<string, string>>> {
+): Promise<Record<string, Record<string, number>>> {
   const url = getMultiPricingURL(
     Object.values(cryptocurrencies).join(','),
     fiatCurrency,
@@ -148,10 +148,10 @@ export async function fetchMultiExchangeRate(
   const response = await handleFetch(url);
   handleErrorResponse(response);
 
-  const rates: Record<string, Record<string, string>> = {};
+  const rates: Record<string, Record<string, number>> = {};
   for (const [cryptocurrency, values] of Object.entries(response) as [
     string,
-    Record<string, string>,
+    Record<string, number>,
   ][]) {
     rates[cryptocurrency.toLowerCase()] = {
       [fiatCurrency.toLowerCase()]: values[fiatCurrency.toUpperCase()],