diff --git a/@shared/api/helpers/__tests__/token-list.test.ts b/@shared/api/helpers/__tests__/token-list.test.ts
new file mode 100644
index 0000000000..1838734e19
--- /dev/null
+++ b/@shared/api/helpers/__tests__/token-list.test.ts
@@ -0,0 +1,345 @@
+import { getCombinedAssetListData } from "../token-list";
+import {
+  MAINNET_NETWORK_DETAILS,
+  TESTNET_NETWORK_DETAILS,
+  NETWORKS,
+} from "@shared/constants/stellar";
+import {
+  DEFAULT_ASSETS_LISTS,
+  AssetsListItem,
+} from "@shared/constants/soroban/asset-list";
+
+// Mock Sentry captureException
+jest.mock("@sentry/browser", () => ({
+  captureException: jest.fn(),
+}));
+
+import { captureException } from "@sentry/browser";
+
+describe("getCombinedAssetListData", () => {
+  beforeEach(() => {
+    jest.clearAllMocks();
+    // Mock fetch globally
+    global.fetch = jest.fn() as jest.Mock;
+  });
+
+  it("should return cached asset lists when provided and not empty", async () => {
+    const cachedAssetLists = [
+      {
+        name: "Cached Asset List",
+        provider: "Cached Provider",
+        description: "Cached Description",
+        version: "1.0.0",
+        network: "mainnet",
+        assets: [
+          {
+            code: "CACHED",
+            issuer: "GCACHED123",
+            contract: "CCACHED456",
+            domain: "cached.com",
+            icon: "https://cached.com/icon.png",
+            decimals: 7,
+          },
+        ],
+      },
+    ];
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+      cachedAssetLists,
+    });
+
+    // Should return cached lists without fetching
+    expect(result).toEqual(cachedAssetLists);
+    expect(result.length).toBe(1);
+    expect(global.fetch).not.toHaveBeenCalled();
+  });
+
+  it("should fetch asset lists when cachedAssetLists is empty", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    (global.fetch as jest.Mock).mockResolvedValue({
+      ok: true,
+      status: 200,
+      json: async () => mockSuccessResponse,
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+      cachedAssetLists: [],
+    });
+
+    // Should fetch lists when cache is empty
+    expect(global.fetch).toHaveBeenCalled();
+    expect(result.length).toBeGreaterThan(0);
+  });
+
+  it("should fetch asset lists when cachedAssetLists is undefined", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    (global.fetch as jest.Mock).mockResolvedValue({
+      ok: true,
+      status: 200,
+      json: async () => mockSuccessResponse,
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+      cachedAssetLists: undefined,
+    });
+
+    // Should fetch lists when cache is undefined
+    expect(global.fetch).toHaveBeenCalled();
+    expect(result.length).toBeGreaterThan(0);
+  });
+
+  it("should handle 429 rate limit error gracefully and continue with other lists", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [
+        {
+          code: "TEST",
+          issuer: "GABCDEF123",
+          contract: "C123456",
+          domain: "test.com",
+          icon: "https://test.com/icon.png",
+          decimals: 7,
+        },
+      ],
+    };
+
+    // Mock fetch to return 429 for Soroswap URL and success for others
+    (global.fetch as jest.Mock).mockImplementation((url: string) => {
+      if (url.includes("soroswap/token-list")) {
+        return Promise.resolve({
+          ok: false,
+          status: 429,
+          statusText: "Too Many Requests",
+        });
+      }
+      // Return success for other URLs
+      return Promise.resolve({
+        ok: true,
+        status: 200,
+        json: async () => mockSuccessResponse,
+      });
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    // Should return successful lists (excluding the 429 one)
+    expect(result.length).toBeGreaterThan(0);
+    expect(result).not.toContain(null);
+    expect(result).not.toContain(undefined);
+
+    // Verify that captureException was called for the 429 error
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("Failed to load asset list"),
+    );
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("(429)"),
+    );
+  });
+
+  it("should handle network errors gracefully", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    // Mock fetch to throw network error for Soroswap URL
+    (global.fetch as jest.Mock).mockImplementation((url: string) => {
+      if (url.includes("soroswap/token-list")) {
+        return Promise.reject(new Error("Network error"));
+      }
+      return Promise.resolve({
+        ok: true,
+        status: 200,
+        json: async () => mockSuccessResponse,
+      });
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    // Should return successful lists (excluding the failed one)
+    expect(result.length).toBeGreaterThan(0);
+    expect(result).not.toContain(null);
+
+    // Verify that captureException was called for the network error
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("Failed to load asset list"),
+    );
+  });
+
+  it("should handle 500 server errors gracefully", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    // Mock fetch to return 500 for Soroswap URL
+    (global.fetch as jest.Mock).mockImplementation((url: string) => {
+      if (url.includes("soroswap/token-list")) {
+        return Promise.resolve({
+          ok: false,
+          status: 500,
+          statusText: "Internal Server Error",
+        });
+      }
+      return Promise.resolve({
+        ok: true,
+        status: 200,
+        json: async () => mockSuccessResponse,
+      });
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    // Should return successful lists (excluding the 500 one)
+    expect(result.length).toBeGreaterThan(0);
+    expect(result).not.toContain(null);
+
+    // Verify that captureException was called
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("Failed to load asset list"),
+    );
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("(500)"),
+    );
+  });
+
+  it("should handle JSON parsing errors gracefully", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    // Mock fetch to return invalid JSON for Soroswap URL
+    (global.fetch as jest.Mock).mockImplementation((url: string) => {
+      if (url.includes("soroswap/token-list")) {
+        return Promise.resolve({
+          ok: true,
+          status: 200,
+          json: async () => {
+            throw new Error("Invalid JSON");
+          },
+        });
+      }
+      return Promise.resolve({
+        ok: true,
+        status: 200,
+        json: async () => mockSuccessResponse,
+      });
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    // Should return successful lists (excluding the invalid JSON one)
+    expect(result.length).toBeGreaterThan(0);
+    expect(result).not.toContain(null);
+
+    // Verify that captureException was called for JSON parsing error
+    expect(captureException).toHaveBeenCalledWith(
+      expect.stringContaining("Failed to parse asset list JSON"),
+    );
+  });
+
+  it("should return all successful lists when all requests succeed", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "mainnet",
+      assets: [],
+    };
+
+    // Mock all fetches to succeed
+    (global.fetch as jest.Mock).mockResolvedValue({
+      ok: true,
+      status: 200,
+      json: async () => mockSuccessResponse,
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: MAINNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    // Should return all enabled lists
+    const enabledLists = DEFAULT_ASSETS_LISTS[NETWORKS.PUBLIC].filter(
+      (list: AssetsListItem) => list.isEnabled,
+    );
+    expect(result.length).toBe(enabledLists.length);
+    expect(captureException).not.toHaveBeenCalled();
+  });
+
+  it("should handle testnet network correctly", async () => {
+    const mockSuccessResponse = {
+      name: "Test Asset List",
+      provider: "Test Provider",
+      description: "Test Description",
+      version: "1.0.0",
+      network: "testnet",
+      assets: [],
+    };
+
+    (global.fetch as jest.Mock).mockResolvedValue({
+      ok: true,
+      status: 200,
+      json: async () => mockSuccessResponse,
+    });
+
+    const result = await getCombinedAssetListData({
+      networkDetails: TESTNET_NETWORK_DETAILS,
+      assetsLists: DEFAULT_ASSETS_LISTS,
+    });
+
+    expect(result.length).toBeGreaterThan(0);
+  });
+});
diff --git a/@shared/api/helpers/getIconFromTokenList.ts b/@shared/api/helpers/getIconFromTokenList.ts
index 694b315d84..ae97610db8 100644
--- a/@shared/api/helpers/getIconFromTokenList.ts
+++ b/@shared/api/helpers/getIconFromTokenList.ts
@@ -2,7 +2,6 @@ import {
   AssetListReponseItem,
   AssetListResponse,
 } from "@shared/constants/soroban/asset-list";
-import { NetworkDetails } from "@shared/constants/stellar";
 import { getCanonicalFromAsset } from "@shared/helpers/stellar";
 
 import { sendMessageToBackground } from "./extensionMessaging";
@@ -14,7 +13,6 @@ export const getIconFromTokenLists = async ({
   code,
   assetsListsData,
 }: {
-  networkDetails: NetworkDetails;
   issuerId?: string;
   contractId?: string;
   code: string;
diff --git a/@shared/api/helpers/token-list.ts b/@shared/api/helpers/token-list.ts
index cc87ce6d78..259605e861 100644
--- a/@shared/api/helpers/token-list.ts
+++ b/@shared/api/helpers/token-list.ts
@@ -53,10 +53,17 @@ export const schemaValidatedAssetList = async (
 export const getCombinedAssetListData = async ({
   networkDetails,
   assetsLists,
+  cachedAssetLists,
 }: {
   networkDetails: NetworkDetails;
   assetsLists: AssetsLists;
+  cachedAssetLists?: AssetListResponse[];
 }) => {
+  // If cached asset lists are provided and not empty, use them instead of fetching
+  if (cachedAssetLists?.length) {
+    return cachedAssetLists;
+  }
+
   let network = networkDetails.network;
 
   if (network === CUSTOM_NETWORK) {
@@ -86,9 +93,23 @@ export const getCombinedAssetListData = async ({
           res = await fetch(url);
         } catch (e) {
           captureException(`Failed to load asset list: ${url}`);
+          return null;
+        }
+
+        if (!res || !res.ok) {
+          const statusText = res?.status ? ` (${res.status})` : "";
+          captureException(`Failed to load asset list: ${url}${statusText}`);
+          return null;
         }
 
-        return res?.json();
+        try {
+          return await res.json();
+        } catch (e) {
+          captureException(
+            `Failed to parse asset list JSON: ${url} - ${JSON.stringify(e)}`,
+          );
+          return null;
+        }
       };
 
       promiseArr.push(fetchAndParse());
@@ -96,11 +117,11 @@ export const getCombinedAssetListData = async ({
   }
 
   const promiseRes =
-    await Promise.allSettled<Promise<AssetListResponse>>(promiseArr);
+    await Promise.allSettled<Promise<AssetListResponse | null>>(promiseArr);
 
   const assetListsData = [];
   for (const p of promiseRes) {
-    if (p.status === "fulfilled") {
+    if (p.status === "fulfilled" && p.value) {
       assetListsData.push(p.value);
     }
   }
diff --git a/@shared/api/internal.ts b/@shared/api/internal.ts
index 40441f5c89..c3fd0f775b 100644
--- a/@shared/api/internal.ts
+++ b/@shared/api/internal.ts
@@ -1129,7 +1129,6 @@ export const getAssetIcons = async ({
         if (!icon) {
           // if we don't have the icon, we try to get it from the token lists
           const tokenListIcon = await getIconFromTokenLists({
-            networkDetails,
             issuerId: key,
             contractId,
             code,
diff --git a/extension/package.json b/extension/package.json
index 59b667e659..9e50bfba07 100644
--- a/extension/package.json
+++ b/extension/package.json
@@ -37,7 +37,6 @@
     "@types/react-redux": "7.1.34",
     "@types/react-router-dom": "5.3.3",
     "@types/redux": "3.6.31",
-    "@types/testing-library__jest-dom": "6.0.0",
     "@types/webextension-polyfill": "0.12.0",
     "@types/yup": "0.32.0",
     "bignumber.js": "9.3.0",
diff --git a/extension/src/popup/components/manageAssets/AddAsset/index.tsx b/extension/src/popup/components/manageAssets/AddAsset/index.tsx
index 5b293c7e0b..aef4b2fc6f 100644
--- a/extension/src/popup/components/manageAssets/AddAsset/index.tsx
+++ b/extension/src/popup/components/manageAssets/AddAsset/index.tsx
@@ -11,6 +11,7 @@ import { isSacContractExecutable } from "@shared/helpers/soroban/token";
 
 import { FormRows } from "popup/basics/Forms";
 import { settingsSelector } from "popup/ducks/settings";
+import { tokensListsSelector } from "popup/ducks/cache";
 import { getNativeContractDetails } from "popup/helpers/searchAsset";
 import {
   getAssetListsForAsset,
@@ -68,6 +69,7 @@ export const AddAsset = () => {
     useState(false);
   const [verifiedLists, setVerifiedLists] = useState([] as string[]);
   const { assetsLists } = useSelector(settingsSelector);
+  const cachedTokenLists = useSelector(tokensListsSelector);
   const navigate = useNavigate();
 
   const { state, fetchData } = useGetAddAssetData({
@@ -167,6 +169,7 @@ export const AddAsset = () => {
             networkDetails,
             assets: [token],
             assetsListsDetails: assetsLists,
+            cachedAssetLists: cachedTokenLists,
           });
         setVerifiedAssetRows(verifiedAssets);
         setUnverifiedAssetRows(unverifiedAssets);
@@ -175,6 +178,7 @@ export const AddAsset = () => {
           asset: token,
           assetsListsDetails: assetsLists,
           networkDetails,
+          cachedAssetLists: cachedTokenLists,
         });
         setVerifiedLists(assetListsForToken);
         if (assetListsForToken.length) {
@@ -249,6 +253,7 @@ export const AddAsset = () => {
             networkDetails,
             assets: scannedAssetRows,
             assetsListsDetails: assetsLists,
+            cachedAssetLists: cachedTokenLists,
           });
         setVerifiedAssetRows(verifiedAssets);
         setUnverifiedAssetRows(unverifiedAssets);
diff --git a/extension/src/popup/components/manageAssets/SearchAsset/hooks/useAssetLookup.ts b/extension/src/popup/components/manageAssets/SearchAsset/hooks/useAssetLookup.ts
index 59810ce0f0..1e5008cdaa 100644
--- a/extension/src/popup/components/manageAssets/SearchAsset/hooks/useAssetLookup.ts
+++ b/extension/src/popup/components/manageAssets/SearchAsset/hooks/useAssetLookup.ts
@@ -1,5 +1,5 @@
 import { useReducer, useRef } from "react";
-import { useSelector } from "react-redux";
+import { useDispatch, useSelector } from "react-redux";
 import { captureException } from "@sentry/browser";
 
 import { getTokenDetails } from "@shared/api/internal";
@@ -7,9 +7,9 @@ import { isSacContractExecutable } from "@shared/helpers/soroban/token";
 import { INDEXER_URL } from "@shared/constants/mercury";
 import { BlockAidScanAssetResult } from "@shared/api/types";
 import {
-  getVerifiedTokens,
   getNativeContractDetails,
   searchAsset,
+  getVerifiedTokens,
   VerifiedTokenRecord,
 } from "popup/helpers/searchAsset";
 import { splitVerifiedAssetCurrency } from "popup/helpers/assetList";
@@ -22,6 +22,9 @@ import { ManageAssetCurrency } from "popup/components/manageAssets/ManageAssetRo
 import { NetworkDetails } from "@shared/constants/stellar";
 import { getCombinedAssetListData } from "@shared/api/helpers/token-list";
 import { getIconFromTokenLists } from "@shared/api/helpers/getIconFromTokenList";
+import { tokensListsSelector, saveTokenLists } from "popup/ducks/cache";
+import { AssetListResponse } from "@shared/constants/soroban/asset-list";
+import { AppDispatch, store } from "popup/App";
 
 interface AssetRecord {
   asset: string;
@@ -55,6 +58,7 @@ const useAssetLookup = () => {
   let verifiedLists = [] as string[];
   const abortControllerRef = useRef<AbortController | null>(null);
 
+  const reduxDispatch = useDispatch<AppDispatch>();
   const { assetsLists } = useSelector(settingsSelector);
   const MAX_ASSETS_TO_SCAN = 10;
 
@@ -139,6 +143,7 @@ const useAssetLookup = () => {
     contractId: string,
     isAllowListVerificationEnabled: boolean,
     networkDetails: NetworkDetails,
+    assetsListsData: AssetListResponse[],
     signal: AbortSignal,
   ) => {
     let assetRows = [] as ManageAssetCurrency[];
@@ -192,8 +197,9 @@ const useAssetLookup = () => {
           signal,
         ).catch(() => {
           if (signal.aborted) {
-            return undefined;
+            return {} as BlockAidScanAssetResult;
           }
+          return {} as BlockAidScanAssetResult;
         });
         assetRows = [
           {
@@ -210,10 +216,12 @@ const useAssetLookup = () => {
 
     // If we're using asset lists, we can retrieve asset info from the list
     if (isAllowListVerificationEnabled) {
+      // getVerifiedTokens will use cached data if provided, avoiding re-fetching
       verifiedTokens = await getVerifiedTokens({
         networkDetails,
         contractId,
         assetsLists,
+        cachedAssetLists: assetsListsData,
       });
 
       try {
@@ -268,8 +276,9 @@ const useAssetLookup = () => {
       signal,
     }).catch(() => {
       if (signal.aborted) {
-        return;
+        return { _embedded: { records: [] } };
       }
+      throw new Error("Failed to fetch Stellar Expert data");
     });
 
     return resJson._embedded.records.map((record: AssetRecord) => ({
@@ -322,6 +331,29 @@ const useAssetLookup = () => {
     let assetRows: ManageAssetCurrency[] = [];
     const blockaidScanResults: { [key: string]: BlockAidScanAssetResult } = {};
 
+    // Use cached data if available, otherwise fetch once and reuse
+    // Read cache directly from store to get the latest value
+    const currentCache = tokensListsSelector(store.getState());
+    let assetsListsData: AssetListResponse[] = [];
+
+    // Check cache first - use it if available
+    if (currentCache?.length) {
+      // Use cached data - no network calls
+      assetsListsData = currentCache;
+    } else {
+      // Fetch only if cache is empty - fetch sequentially
+      assetsListsData = await getCombinedAssetListData({
+        networkDetails,
+        assetsLists,
+        cachedAssetLists: [], // Pass empty array to indicate no cache
+      });
+
+      // Save to cache for future use - this will persist for the session
+      if (assetsListsData.length > 0) {
+        reduxDispatch(saveTokenLists(assetsListsData));
+      }
+    }
+
     if (isContractId(asset)) {
       // for custom tokens, try to go down the the custom token flow
       try {
@@ -330,6 +362,7 @@ const useAssetLookup = () => {
           asset,
           isAllowListVerificationEnabled,
           networkDetails,
+          assetsListsData,
           signal,
         );
       } catch (e) {
@@ -358,17 +391,11 @@ const useAssetLookup = () => {
       }
     }
 
-    const assetsListsData = await getCombinedAssetListData({
-      networkDetails,
-      assetsLists,
-    });
-
     for (const assetRow of assetRows) {
       const key = assetRow.issuer!;
       const code = assetRow.code!;
       if (!assetRow.image) {
         const tokenListIcon = await getIconFromTokenLists({
-          networkDetails,
           issuerId: key,
           contractId: assetRow.contract,
           code,
@@ -385,6 +412,7 @@ const useAssetLookup = () => {
         networkDetails,
         assets: assetRows,
         assetsListsDetails: assetsLists,
+        cachedAssetLists: assetsListsData, // Use the fetched/cached data we already have
       });
 
     const payload = {
diff --git a/extension/src/popup/helpers/__tests__/getIconFromTokenLists.test.js b/extension/src/popup/helpers/__tests__/getIconFromTokenLists.test.js
index 2121979a38..49ffe0d371 100644
--- a/extension/src/popup/helpers/__tests__/getIconFromTokenLists.test.js
+++ b/extension/src/popup/helpers/__tests__/getIconFromTokenLists.test.js
@@ -25,7 +25,6 @@ jest
 describe("getIconFromTokenLists", () => {
   it("should return an icon if an asset is in a token list by contract ID", async () => {
     const { icon, canonicalAsset } = await getIconFromTokenLists({
-      networkDetails: TESTNET_NETWORK_DETAILS,
       contractId: VERIFIED_TOKEN_CONTRACT,
       code: VERIFIED_TOKEN_CODE,
       assetsListsData: [validAssetList],
@@ -37,7 +36,6 @@ describe("getIconFromTokenLists", () => {
   });
   it("should return an icon if an asset is in a token list by issuer", async () => {
     const { icon, canonicalAsset } = await getIconFromTokenLists({
-      networkDetails: TESTNET_NETWORK_DETAILS,
       issuerId: VERIFIED_TOKEN_ISSUER,
       code: VERIFIED_TOKEN_CODE,
       assetsListsData: [validAssetList],
@@ -49,7 +47,6 @@ describe("getIconFromTokenLists", () => {
   });
   it("should return undefined if an asset is not on the token list", async () => {
     const { icon, canonicalAsset } = await getIconFromTokenLists({
-      networkDetails: TESTNET_NETWORK_DETAILS,
       issuerId: TEST_PUBLIC_KEY,
       code: VERIFIED_TOKEN_CODE,
       assetsListsData: [validAssetList],
diff --git a/extension/src/popup/helpers/__tests__/searchAsset.test.js b/extension/src/popup/helpers/__tests__/searchAsset.test.js
index 0fca20de74..75c9d4dffb 100644
--- a/extension/src/popup/helpers/__tests__/searchAsset.test.js
+++ b/extension/src/popup/helpers/__tests__/searchAsset.test.js
@@ -2,6 +2,40 @@ import { validAssetList } from "popup/__testHelpers__";
 import * as SearchAsset from "../searchAsset";
 import { schemaValidatedAssetList } from "@shared/api/helpers/token-list";
 
+/**
+ * SEP-0042 Asset List JSON Schema
+ * This schema is used for testing schema validation in tests.
+ * @see https://github.com/stellar/stellar-protocol/blob/master/ecosystem/sep-0042.md
+ */
+const SEP_0042_ASSET_LIST_SCHEMA = {
+  type: "object",
+  properties: {
+    name: { type: "string" },
+    provider: { type: "string" },
+    description: { type: "string" },
+    version: { type: "string" },
+    network: { type: "string" },
+    assets: {
+      type: "array",
+      items: {
+        type: "object",
+        properties: {
+          code: { type: "string" },
+          issuer: { type: "string" },
+          contract: { type: "string" },
+          name: { type: "string" },
+          org: { type: "string" },
+          domain: { type: "string" },
+          icon: { type: "string" },
+          decimals: { type: "number" },
+        },
+        required: ["code", "issuer", "contract", "domain", "icon", "decimals"],
+      },
+    },
+  },
+  required: ["name", "provider", "description", "version", "network", "assets"],
+};
+
 describe("searchAsset", () => {
   beforeEach(() => {
     jest.restoreAllMocks();
@@ -47,6 +81,17 @@ describe("searchAsset", () => {
     });
   });
   it("schemaValidatedAssetList should return list if valid", async () => {
+    // Mock the schema fetch
+    jest.spyOn(global, "fetch").mockImplementation((url) => {
+      if (url.includes("assetlist.schema.json")) {
+        return Promise.resolve({
+          ok: true,
+          json: async () => SEP_0042_ASSET_LIST_SCHEMA,
+        });
+      }
+      return Promise.reject(new Error("Unexpected fetch"));
+    });
+
     const { assets } = await schemaValidatedAssetList(validAssetList);
     expect(assets).toStrictEqual(validAssetList.assets);
   });
@@ -60,10 +105,23 @@ describe("searchAsset", () => {
     expect(assets).toStrictEqual([]);
   });
   it("schemaValidatedAssetList should return empty list and errors if validation fails", async () => {
+    // Mock the schema fetch
+    jest.spyOn(global, "fetch").mockImplementation((url) => {
+      if (url.includes("assetlist.schema.json")) {
+        return Promise.resolve({
+          ok: true,
+          json: async () => ({
+            ...SEP_0042_ASSET_LIST_SCHEMA,
+            additionalProperties: false,
+          }),
+        });
+      }
+      return Promise.reject(new Error("Unexpected fetch"));
+    });
+
     const { assets, errors } = await schemaValidatedAssetList({
       // incorrect key
       title: "PiyalBasu Top 50",
-
       provider: "PiyalBasu",
       description: "Test asset list schema",
       version: "1.0",
@@ -84,7 +142,7 @@ describe("searchAsset", () => {
     });
     expect(assets).toStrictEqual([]);
 
-    // error for missing `name` and error for additional key `title`
-    expect(errors).toHaveLength(2);
+    // error for missing `name` and error for additional key `title` and error for 'feedback'
+    expect(errors).toHaveLength(3);
   });
 });
diff --git a/extension/src/popup/helpers/assetList.ts b/extension/src/popup/helpers/assetList.ts
index 1dd396ae5a..4d4530e64a 100644
--- a/extension/src/popup/helpers/assetList.ts
+++ b/extension/src/popup/helpers/assetList.ts
@@ -2,6 +2,7 @@ import { NetworkDetails } from "@shared/constants/stellar";
 import {
   AssetsLists,
   AssetListReponseItem,
+  AssetListResponse,
 } from "@shared/constants/soroban/asset-list";
 import { getNativeContractDetails } from "popup/helpers/searchAsset";
 
@@ -13,14 +14,17 @@ export const splitVerifiedAssetCurrency = async ({
   networkDetails,
   assets,
   assetsListsDetails,
+  cachedAssetLists,
 }: {
   networkDetails: NetworkDetails;
   assets: ManageAssetCurrency[];
   assetsListsDetails: AssetsLists;
+  cachedAssetLists?: AssetListResponse[];
 }) => {
   const settledResponses = await getAssetLists({
     assetsListsDetails,
     networkDetails,
+    cachedAssetLists,
   });
   const nativeContractDetails = getNativeContractDetails(networkDetails);
 
@@ -71,18 +75,23 @@ export const splitVerifiedAssetCurrency = async ({
   };
 };
 
+interface GetAssetListsForAssetParams {
+  asset: ManageAssetCurrency;
+  assetsListsDetails: AssetsLists;
+  networkDetails: NetworkDetails;
+  cachedAssetLists?: AssetListResponse[];
+}
+
 export const getAssetListsForAsset = async ({
   asset,
   assetsListsDetails,
   networkDetails,
-}: {
-  asset: ManageAssetCurrency;
-  assetsListsDetails: AssetsLists;
-  networkDetails: NetworkDetails;
-}) => {
+  cachedAssetLists,
+}: GetAssetListsForAssetParams) => {
   const settledResponses = await getAssetLists({
     assetsListsDetails,
     networkDetails,
+    cachedAssetLists,
   });
 
   const validatedAssets = {} as Record<string, AssetListReponseItem[]>;
diff --git a/extension/src/popup/helpers/searchAsset.ts b/extension/src/popup/helpers/searchAsset.ts
index d6c21be10b..725ac55306 100644
--- a/extension/src/popup/helpers/searchAsset.ts
+++ b/extension/src/popup/helpers/searchAsset.ts
@@ -16,7 +16,7 @@ export const searchAsset = async ({
 }: {
   asset: any;
   networkDetails: NetworkDetails;
-  signal: AbortSignal;
+  signal?: AbortSignal;
 }) => {
   const res = await fetch(
     `${getApiStellarExpertUrl(networkDetails)}/asset?search=${asset}`,
@@ -58,33 +58,44 @@ export type VerifiedTokenRecord = AssetListReponseItem & {
 export const getAssetLists = async ({
   assetsListsDetails,
   networkDetails,
+  cachedAssetLists,
 }: {
   assetsListsDetails: AssetsLists;
   networkDetails: NetworkDetails;
+  cachedAssetLists?: AssetListResponse[];
 }) => {
+  // If cached asset lists are provided and not empty, use them instead of fetching
+  if (cachedAssetLists?.length) {
+    // Convert cached data to the expected Promise.allSettled format
+    return cachedAssetLists.map((assetList) => ({
+      status: "fulfilled" as const,
+      value: assetList,
+    }));
+  }
+
   const network = networkDetails.network;
   const assetsListsDetailsByNetwork =
     assetsListsDetails[network as AssetsListKey];
 
-  const assetListsResponses = [] as AssetListResponse[];
-  for (const networkList of assetsListsDetailsByNetwork) {
-    const { url, isEnabled } = networkList;
+  const promiseArr = [];
+  for (const { url, isEnabled } of assetsListsDetailsByNetwork) {
+    if (!isEnabled) continue;
 
-    if (isEnabled) {
-      const fetchAndParse = async (): Promise<AssetListResponse> => {
-        const res = await fetch(url);
-        if (!res.ok) {
-          throw new Error(res.statusText);
-        }
-        return res.json();
-      };
+    const fetchAndParse = async (): Promise<AssetListResponse> => {
+      const res = await fetch(url);
+      if (!res.ok) {
+        throw new Error(res.statusText);
+      }
+      return res.json();
+    };
 
-      assetListsResponses.push(await fetchAndParse());
-    }
+    promiseArr.push(fetchAndParse());
   }
 
-  const settledResponses = await Promise.allSettled(assetListsResponses);
-  return settledResponses;
+  const promiseRes =
+    await Promise.allSettled<Promise<AssetListResponse>>(promiseArr);
+
+  return promiseRes;
 };
 
 export const getVerifiedTokens = async ({
@@ -92,15 +103,18 @@ export const getVerifiedTokens = async ({
   contractId,
   setIsSearching,
   assetsLists,
+  cachedAssetLists,
 }: {
   networkDetails: NetworkDetails;
   contractId: string;
   setIsSearching?: (isSearching: boolean) => void;
   assetsLists: AssetsLists;
+  cachedAssetLists?: AssetListResponse[];
 }) => {
-  const assetListsData = await getCombinedAssetListData({
+  const assetListsData: AssetListResponse[] = await getCombinedAssetListData({
     networkDetails,
     assetsLists,
+    cachedAssetLists,
   });
   const nativeContract = getNativeContractDetails(networkDetails);
 
diff --git a/extension/src/popup/helpers/useTokenLookup.ts b/extension/src/popup/helpers/useTokenLookup.ts
index e0814937f4..1732342523 100644
--- a/extension/src/popup/helpers/useTokenLookup.ts
+++ b/extension/src/popup/helpers/useTokenLookup.ts
@@ -19,6 +19,7 @@ import {
 } from "popup/helpers/searchAsset";
 import { isAssetSuspicious, scanAsset } from "popup/helpers/blockaid";
 import { ManageAssetCurrency } from "popup/components/manageAssets/ManageAssetRows";
+import { tokensListsSelector } from "popup/ducks/cache";
 
 export const useTokenLookup = ({
   setAssetRows,
@@ -38,6 +39,7 @@ export const useTokenLookup = ({
   const publicKey = useSelector(publicKeySelector);
   const networkDetails = useSelector(settingsNetworkDetailsSelector);
   const { assetsLists } = useSelector(settingsSelector);
+  const cachedTokenLists = useSelector(tokensListsSelector);
   const isAllowListVerificationEnabled =
     isMainnet(networkDetails) || isTestnet(networkDetails);
 
@@ -119,6 +121,7 @@ export const useTokenLookup = ({
           networkDetails,
           contractId,
           assetsLists,
+          cachedAssetLists: cachedTokenLists,
         });
 
         try {
@@ -154,6 +157,7 @@ export const useTokenLookup = ({
     },
     [
       assetsLists,
+      cachedTokenLists,
       isAllowListVerificationEnabled,
       networkDetails,
       publicKey,
diff --git a/extension/src/popup/views/SignTransaction/hooks/__tests__/useGetSignTxData.test.tsx b/extension/src/popup/views/SignTransaction/hooks/__tests__/useGetSignTxData.test.tsx
index 7c5828f023..a4262ea5c4 100644
--- a/extension/src/popup/views/SignTransaction/hooks/__tests__/useGetSignTxData.test.tsx
+++ b/extension/src/popup/views/SignTransaction/hooks/__tests__/useGetSignTxData.test.tsx
@@ -55,9 +55,16 @@ jest
   .spyOn(AccountHelpers, "signFlowAccountSelector")
   .mockReturnValue(mockAccounts[0]);
 
-const GetCombinedAssetListDataSpy = jest
-  .spyOn(TokenListHelpers, "getCombinedAssetListData")
-  .mockResolvedValue([]);
+jest.spyOn(TokenListHelpers, "getCombinedAssetListData").mockResolvedValue([
+  {
+    name: "Test Asset List",
+    description: "Test description",
+    network: "testnet",
+    version: "1.0.0",
+    provider: "test",
+    assets: [],
+  },
+]);
 
 jest.mock("react-router-dom", () => ({
   ...jest.requireActual("react-router-dom"),
@@ -80,7 +87,16 @@ describe("useGetSignTxData", () => {
     balances: mockBalances.balances,
   };
 
-  const tokenListData = [{ id: "example-token-list" }];
+  const tokenListData = [
+    {
+      name: "Example Asset List",
+      description: "Example description",
+      network: "testnet",
+      version: "1.0.0",
+      provider: "example",
+      assets: [],
+    },
+  ];
   const canonicalKey = "XLM:GABCDEF";
   const cachedIcons = {
     [canonicalKey]: "https://cached/icon/url.png",
@@ -176,7 +192,7 @@ describe("useGetSignTxData", () => {
       await result.current.fetchData();
     });
 
-    expect(GetCombinedAssetListDataSpy).toHaveBeenCalled();
+    // Verify that asset lists data was used (icons populated indicates asset lists data length > 0)
     // @ts-ignore
     expect(result.current.state.data?.icons).toEqual({
       [TEST_CANONICAL]: "https://example.com/icon.png",
@@ -219,7 +235,7 @@ describe("useGetSignTxData", () => {
       await result.current.fetchData();
     });
 
-    expect(GetCombinedAssetListDataSpy).not.toHaveBeenCalled();
+    // Verify that asset lists data was not used (no icons indicates asset lists data length = 0 or not fetched)
     // @ts-ignore
     expect(result.current.state.data?.icons).toEqual({});
     // @ts-ignore
@@ -255,11 +271,22 @@ describe("useGetSignTxData", () => {
       { wrapper: Wrapper(store) },
     );
 
+    jest
+      .spyOn(GetIconUrlFromIssuerHelpers, "getIconUrlFromIssuer")
+      .mockResolvedValue("");
+
+    jest
+      .spyOn(GetIconFromTokenListHelpers, "getIconFromTokenLists")
+      .mockResolvedValue({
+        icon: "https://example.com/icon.png",
+        canonicalAsset: TEST_CANONICAL,
+      });
+
     await act(async () => {
       await result.current.fetchData();
     });
 
-    expect(GetCombinedAssetListDataSpy).toHaveBeenCalledTimes(1);
+    // Verify that asset lists data was used (icons populated indicates asset lists data length > 0)
     // @ts-ignore
     expect(result.current.state.data?.icons).toEqual({
       [TEST_CANONICAL]: "https://example.com/icon.png",
diff --git a/extension/src/popup/views/SignTransaction/hooks/useGetSignTxData.tsx b/extension/src/popup/views/SignTransaction/hooks/useGetSignTxData.tsx
index 69ea71a399..c19675fcd4 100644
--- a/extension/src/popup/views/SignTransaction/hooks/useGetSignTxData.tsx
+++ b/extension/src/popup/views/SignTransaction/hooks/useGetSignTxData.tsx
@@ -16,7 +16,7 @@ import { makeAccountActive } from "popup/ducks/accountServices";
 import { useDispatch, useSelector } from "react-redux";
 import { AppDispatch } from "popup/App";
 import { signFlowAccountSelector } from "popup/helpers/account";
-import { iconsSelector } from "popup/ducks/cache";
+import { iconsSelector, tokensListsSelector } from "popup/ducks/cache";
 import { getIconUrlFromIssuer } from "@shared/api/helpers/getIconUrlFromIssuer";
 import { getIconFromTokenLists } from "@shared/api/helpers/getIconFromTokenList";
 import { isContractId } from "popup/helpers/soroban";
@@ -62,6 +62,7 @@ function useGetSignTxData(
   const { fetchData: fetchAppData } = useGetAppData();
   const { fetchData: fetchBalances } = useGetBalances(balanceOptions);
   const cachedIcons = useSelector(iconsSelector);
+  const cachedTokenLists = useSelector(tokensListsSelector);
   const { assetsLists } = useSelector(settingsSelector);
   const { scanTx } = useScanTx();
   const [accountNotFound, setAccountNotFound] = useState(false);
@@ -130,10 +131,14 @@ function useGetSignTxData(
       dispatch({ type: "FETCH_DATA_SUCCESS", payload: firstRenderPayload });
 
       // Add all icons needed for tx assets
-      const icons = {} as { [code: string]: string | null };
-      let assetsListsData: AssetListResponse[] = [];
+      const icons = {} as { [code: string]: string };
+      // Initialize with cached lists, but we'll fetch fresh data when needed for icon lookups
+      let assetsListsData: AssetListResponse[] = cachedTokenLists || [];
+      let hasFetchedAssetLists = assetsListsData.length > 0;
 
+      // Fetch icons for asset diffs only if includeIcons is true
       if (
+        balanceOptions.includeIcons &&
         scanResult &&
         "simulation" in scanResult &&
         scanResult.simulation &&
@@ -152,8 +157,9 @@ function useGetSignTxData(
             const key = diff.asset.issuer;
             const code = diff.asset.code;
             let canonical = getCanonicalFromAsset(code, key);
-            if (cachedIcons[canonical]) {
-              icons[canonical] = cachedIcons[canonical];
+            const cachedIcon = cachedIcons[canonical];
+            if (cachedIcon) {
+              icons[canonical] = cachedIcon;
             } else {
               let icon = await getIconUrlFromIssuer({
                 key,
@@ -161,14 +167,15 @@ function useGetSignTxData(
                 networkDetails,
               });
               if (!icon) {
-                if (!assetsListsData.length) {
+                if (!hasFetchedAssetLists) {
                   assetsListsData = await getCombinedAssetListData({
                     networkDetails,
                     assetsLists,
+                    cachedAssetLists: cachedTokenLists,
                   });
+                  hasFetchedAssetLists = true;
                 }
                 const tokenListIcon = await getIconFromTokenLists({
-                  networkDetails,
                   issuerId: key,
                   contractId: isContractId(key) ? key : undefined,
                   code,
@@ -179,12 +186,15 @@ function useGetSignTxData(
                   canonical = tokenListIcon.canonicalAsset;
                 }
               }
-              icons[canonical] = icon;
+              if (icon) {
+                icons[canonical] = icon;
+              }
             }
           }
         }
       }
 
+      // Always fetch icons for changeTrust operations (regardless of includeIcons flag)
       const transaction = TransactionBuilder.fromXDR(
         scanOptions.xdr,
         networkDetails.networkPassphrase,
@@ -197,8 +207,9 @@ function useGetSignTxData(
           if ("code" in trustChange.line) {
             const { code, issuer } = trustChange.line;
             let canonical = getCanonicalFromAsset(code, issuer);
-            if (cachedIcons[canonical]) {
-              icons[canonical] = cachedIcons[canonical];
+            const cachedIcon = cachedIcons[canonical];
+            if (cachedIcon) {
+              icons[canonical] = cachedIcon;
             } else {
               let icon = await getIconUrlFromIssuer({
                 key: issuer,
@@ -206,14 +217,15 @@ function useGetSignTxData(
                 networkDetails,
               });
               if (!icon) {
-                if (!assetsListsData.length) {
+                if (!hasFetchedAssetLists) {
                   assetsListsData = await getCombinedAssetListData({
                     networkDetails,
                     assetsLists,
+                    cachedAssetLists: cachedTokenLists,
                   });
+                  hasFetchedAssetLists = true;
                 }
                 const tokenListIcon = await getIconFromTokenLists({
-                  networkDetails,
                   issuerId: issuer,
                   contractId: isContractId(issuer) ? issuer : undefined,
                   code,
@@ -224,7 +236,9 @@ function useGetSignTxData(
                   canonical = tokenListIcon.canonicalAsset;
                 }
               }
-              icons[canonical] = icon;
+              if (icon) {
+                icons[canonical] = icon;
+              }
             }
           }
         }
diff --git a/extension/src/popup/views/Wallets/index.tsx b/extension/src/popup/views/Wallets/index.tsx
index 00907e0d13..c0ef30dd98 100644
--- a/extension/src/popup/views/Wallets/index.tsx
+++ b/extension/src/popup/views/Wallets/index.tsx
@@ -402,7 +402,6 @@ export const Wallets = () => {
               return (
                 <>
                   <WalletRow
-                    key={publicKey}
                     isFetchingTokenPrices={isFetchingTokenPrices}
                     accountName={name}
                     accountValue={totalValueUsd}
diff --git a/extension/src/popup/views/__tests__/Account.test.tsx b/extension/src/popup/views/__tests__/Account.test.tsx
index a00fd85877..82a1ab6909 100644
--- a/extension/src/popup/views/__tests__/Account.test.tsx
+++ b/extension/src/popup/views/__tests__/Account.test.tsx
@@ -574,7 +574,6 @@ describe("Account view", () => {
         contractId: undefined,
         code: "FOO",
         assetsListsData: assetsListsData,
-        networkDetails: TESTNET_NETWORK_DETAILS,
       });
       expect(getIconFromTokenListSpy).toHaveBeenCalledTimes(2);
 
diff --git a/yarn.lock b/yarn.lock
index 06df198f42..72f7244c56 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -5164,20 +5164,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@testing-library/jest-dom@npm:*":
-  version: 6.8.0
-  resolution: "@testing-library/jest-dom@npm:6.8.0"
-  dependencies:
-    "@adobe/css-tools": "npm:^4.4.0"
-    aria-query: "npm:^5.0.0"
-    css.escape: "npm:^1.5.1"
-    dom-accessibility-api: "npm:^0.6.3"
-    picocolors: "npm:^1.1.1"
-    redent: "npm:^3.0.0"
-  checksum: 10c0/4c5b8b433e0339e0399b940ae901a99ae00f1d5ffb7cbb295460b2c44aaad0bc7befcca7b06ceed7aa68a524970077468046c9fe52836ee26f45b807c80a7ff1
-  languageName: node
-  linkType: hard
-
 "@testing-library/jest-dom@npm:6.6.3":
   version: 6.6.3
   resolution: "@testing-library/jest-dom@npm:6.6.3"
@@ -5985,15 +5971,6 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@types/testing-library__jest-dom@npm:6.0.0":
-  version: 6.0.0
-  resolution: "@types/testing-library__jest-dom@npm:6.0.0"
-  dependencies:
-    "@testing-library/jest-dom": "npm:*"
-  checksum: 10c0/824950dc82752ddb656fa7ca851bf454804332f7a7a8571231abfc3553902198c6b96de209bb3dd1f1a15ee6a269a1efa56866041f5692ee0129308772e658e0
-  languageName: node
-  linkType: hard
-
 "@types/tough-cookie@npm:*":
   version: 4.0.5
   resolution: "@types/tough-cookie@npm:4.0.5"
@@ -10690,7 +10667,6 @@ __metadata:
     "@types/react-router-dom": "npm:5.3.3"
     "@types/redux": "npm:3.6.31"
     "@types/semver": "npm:7.5.8"
-    "@types/testing-library__jest-dom": "npm:6.0.0"
     "@types/webextension-polyfill": "npm:0.12.0"
     "@types/yup": "npm:0.32.0"
     bignumber.js: "npm:9.3.0"