diff --git a/CHANGELOG.md b/CHANGELOG.md
index 497bdb70dff3..69097cc68e43 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -83,6 +83,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 * (crypto/types) [\#8600](https://github.com/cosmos/cosmos-sdk/pull/8600) `CompactBitArray`: optimize the `NumTrueBitsBefore` method and add an `Equal` method.
 * (x/upgrade) [\#8743](https://github.com/cosmos/cosmos-sdk/pull/8743) Add tracking module versions as per ADR-041
 * (types) [\#8962](https://github.com/cosmos/cosmos-sdk/issues/8962) Add `Abs()` method to `sdk.Int`.
+* (x/bank) [\#8950](https://github.com/cosmos/cosmos-sdk/pull/8950) Improve efficiency on supply updates.
 
 ### Bug Fixes
 
diff --git a/contrib/rosetta/configuration/bootstrap.json b/contrib/rosetta/configuration/bootstrap.json
index f75c7ec145bb..f08dae661fa1 100644
--- a/contrib/rosetta/configuration/bootstrap.json
+++ b/contrib/rosetta/configuration/bootstrap.json
@@ -1,7 +1,7 @@
 [
   {
     "account_identifier": {
-      "address":"cosmos1ujtnemf6jmfm995j000qdry064n5lq854gfe3j"
+      "address":"cosmos1gykh2dsytj0lde8wr9msl9xd2nyj88duvmsnn7"
     },
     "currency":{
       "symbol":"stake",
diff --git a/contrib/rosetta/node/data.tar.gz b/contrib/rosetta/node/data.tar.gz
index 987bb88b33ac..342100ebccfd 100644
Binary files a/contrib/rosetta/node/data.tar.gz and b/contrib/rosetta/node/data.tar.gz differ
diff --git a/x/bank/keeper/genesis.go b/x/bank/keeper/genesis.go
index f0c680b24a74..375f44787dfa 100644
--- a/x/bank/keeper/genesis.go
+++ b/x/bank/keeper/genesis.go
@@ -31,7 +31,9 @@ func (k BaseKeeper) InitGenesis(ctx sdk.Context, genState *types.GenesisState) {
 		panic(fmt.Errorf("genesis supply is incorrect, expected %v, got %v", genState.Supply, totalSupply))
 	}
 
-	k.setSupply(ctx, totalSupply)
+	for _, supply := range totalSupply {
+		k.setSupply(ctx, supply)
+	}
 
 	for _, meta := range genState.DenomMetadata {
 		k.SetDenomMetaData(ctx, meta)
diff --git a/x/bank/keeper/keeper.go b/x/bank/keeper/keeper.go
index 9daa0ba36ce2..7aa27441d118 100644
--- a/x/bank/keeper/keeper.go
+++ b/x/bank/keeper/keeper.go
@@ -175,39 +175,14 @@ func (k BaseKeeper) GetSupply(ctx sdk.Context, denom string) sdk.Coin {
 		}
 	}
 
-	var coin sdk.Coin
-	err := k.cdc.UnmarshalBinaryBare(bz, &coin)
-	if err != nil {
-		panic(err)
+	amount, ok := sdk.NewIntFromString(string(bz))
+	if !ok {
+		panic("unexpected supply")
 	}
 
-	return coin
-}
-
-// SetSupply sets the Supply to store
-func (k BaseKeeper) setSupply(ctx sdk.Context, supply sdk.Coins) {
-	store := ctx.KVStore(k.storeKey)
-	supplyStore := prefix.NewStore(store, types.SupplyKey)
-
-	var newSupply []sdk.Coin
-	storeSupply := k.GetTotalSupply(ctx)
-
-	// update supply for coins which have non zero amount
-	for _, coin := range storeSupply {
-		if supply.AmountOf(coin.Denom).IsZero() {
-			zeroCoin := &sdk.Coin{
-				Denom:  coin.Denom,
-				Amount: sdk.NewInt(0),
-			}
-			bz := k.cdc.MustMarshalBinaryBare(zeroCoin)
-			supplyStore.Set([]byte(coin.Denom), bz)
-		}
-	}
-	newSupply = append(newSupply, supply...)
-
-	for i := range newSupply {
-		bz := k.cdc.MustMarshalBinaryBare(&supply[i])
-		supplyStore.Set([]byte(supply[i].Denom), bz)
+	return sdk.Coin{
+		Denom:  denom,
+		Amount: amount,
 	}
 }
 
@@ -359,7 +334,7 @@ func (k BaseKeeper) UndelegateCoinsFromModuleToAccount(
 
 // MintCoins creates new coins from thin air and adds it to the module account.
 // It will panic if the module account does not exist or is unauthorized.
-func (k BaseKeeper) MintCoins(ctx sdk.Context, moduleName string, amt sdk.Coins) error {
+func (k BaseKeeper) MintCoins(ctx sdk.Context, moduleName string, amounts sdk.Coins) error {
 	acc := k.ak.GetModuleAccount(ctx, moduleName)
 	if acc == nil {
 		panic(sdkerrors.Wrapf(sdkerrors.ErrUnknownAddress, "module account %s does not exist", moduleName))
@@ -369,23 +344,23 @@ func (k BaseKeeper) MintCoins(ctx sdk.Context, moduleName string, amt sdk.Coins)
 		panic(sdkerrors.Wrapf(sdkerrors.ErrUnauthorized, "module account %s does not have permissions to mint tokens", moduleName))
 	}
 
-	err := k.addCoins(ctx, acc.GetAddress(), amt)
+	err := k.addCoins(ctx, acc.GetAddress(), amounts)
 	if err != nil {
 		return err
 	}
 
-	// update total supply
-	supply := k.GetTotalSupply(ctx)
-	supply = supply.Add(amt...)
-
-	k.setSupply(ctx, supply)
+	for _, amount := range amounts {
+		supply := k.GetSupply(ctx, amount.GetDenom())
+		supply = supply.Add(amount)
+		k.setSupply(ctx, supply)
+	}
 
 	logger := k.Logger(ctx)
-	logger.Info("minted coins from module account", "amount", amt.String(), "from", moduleName)
+	logger.Info("minted coins from module account", "amount", amounts.String(), "from", moduleName)
 
 	// emit mint event
 	ctx.EventManager().EmitEvent(
-		types.NewCoinMintEvent(acc.GetAddress(), amt),
+		types.NewCoinMintEvent(acc.GetAddress(), amounts),
 	)
 
 	return nil
@@ -393,7 +368,7 @@ func (k BaseKeeper) MintCoins(ctx sdk.Context, moduleName string, amt sdk.Coins)
 
 // BurnCoins burns coins deletes coins from the balance of the module account.
 // It will panic if the module account does not exist or is unauthorized.
-func (k BaseKeeper) BurnCoins(ctx sdk.Context, moduleName string, amt sdk.Coins) error {
+func (k BaseKeeper) BurnCoins(ctx sdk.Context, moduleName string, amounts sdk.Coins) error {
 	acc := k.ak.GetModuleAccount(ctx, moduleName)
 	if acc == nil {
 		panic(sdkerrors.Wrapf(sdkerrors.ErrUnknownAddress, "module account %s does not exist", moduleName))
@@ -403,28 +378,35 @@ func (k BaseKeeper) BurnCoins(ctx sdk.Context, moduleName string, amt sdk.Coins)
 		panic(sdkerrors.Wrapf(sdkerrors.ErrUnauthorized, "module account %s does not have permissions to burn tokens", moduleName))
 	}
 
-	err := k.subUnlockedCoins(ctx, acc.GetAddress(), amt)
+	err := k.subUnlockedCoins(ctx, acc.GetAddress(), amounts)
 	if err != nil {
 		return err
 	}
 
-	// update total supply
-	supply := k.GetTotalSupply(ctx)
-	supply = supply.Sub(amt)
-
-	k.setSupply(ctx, supply)
+	for _, amount := range amounts {
+		supply := k.GetSupply(ctx, amount.GetDenom())
+		supply = supply.Sub(amount)
+		k.setSupply(ctx, supply)
+	}
 
 	logger := k.Logger(ctx)
-	logger.Info("burned tokens from module account", "amount", amt.String(), "from", moduleName)
+	logger.Info("burned tokens from module account", "amount", amounts.String(), "from", moduleName)
 
 	// emit burn event
 	ctx.EventManager().EmitEvent(
-		types.NewCoinBurnEvent(acc.GetAddress(), amt),
+		types.NewCoinBurnEvent(acc.GetAddress(), amounts),
 	)
 
 	return nil
 }
 
+func (k BaseKeeper) setSupply(ctx sdk.Context, coin sdk.Coin) {
+	store := ctx.KVStore(k.storeKey)
+	supplyStore := prefix.NewStore(store, types.SupplyKey)
+
+	supplyStore.Set([]byte(coin.GetDenom()), []byte(coin.Amount.String()))
+}
+
 func (k BaseKeeper) trackDelegation(ctx sdk.Context, addr sdk.AccAddress, balance, amt sdk.Coins) error {
 	acc := k.ak.GetAccount(ctx, addr)
 	if acc == nil {
@@ -463,8 +445,15 @@ func (k BaseViewKeeper) IterateTotalSupply(ctx sdk.Context, cb func(sdk.Coin) bo
 	defer iterator.Close()
 
 	for ; iterator.Valid(); iterator.Next() {
-		var balance sdk.Coin
-		k.cdc.MustUnmarshalBinaryBare(iterator.Value(), &balance)
+		amount, ok := sdk.NewIntFromString(string(iterator.Value()))
+		if !ok {
+			panic("unexpected supply")
+		}
+
+		balance := sdk.Coin{
+			Denom:  string(iterator.Key()),
+			Amount: amount,
+		}
 
 		if cb(balance) {
 			break