diff --git a/cmd/fetchd/cmd/genasiupgrade.go b/cmd/fetchd/cmd/genasiupgrade.go
index 18016d71..05321877 100644
--- a/cmd/fetchd/cmd/genasiupgrade.go
+++ b/cmd/fetchd/cmd/genasiupgrade.go
@@ -1,14 +1,18 @@
 package cmd
 
 import (
+	"encoding/json"
 	"fmt"
+	"github.com/btcsuite/btcutil/bech32"
 	"github.com/cosmos/cosmos-sdk/client"
 	"github.com/cosmos/cosmos-sdk/client/flags"
 	"github.com/cosmos/cosmos-sdk/server"
+	sdk "github.com/cosmos/cosmos-sdk/types"
 	"github.com/cosmos/cosmos-sdk/x/genutil"
 	genutiltypes "github.com/cosmos/cosmos-sdk/x/genutil/types"
 	"github.com/spf13/cobra"
 	"github.com/tendermint/tendermint/types"
+	"regexp"
 )
 
 const (
@@ -59,8 +63,23 @@ func ASIGenesisUpgradeCmd(defaultNodeHome string) *cobra.Command {
 				return fmt.Errorf("failed to unmarshal genesis state: %w", err)
 			}
 
+			var jsonData map[string]interface{}
+			if err = json.Unmarshal(genDoc.AppState, &jsonData); err != nil {
+				return fmt.Errorf("failed to unmarshal app state: %w", err)
+			}
+
+			// replace addresses across the genesis file
+			ASIGenesisUpgradeReplaceAddresses(jsonData)
+
 			// replace chain-id
 			ASIGenesisUpgradeReplaceChainID(genDoc)
+
+			var encodedAppState []byte
+			if encodedAppState, err = json.Marshal(jsonData); err != nil {
+				return err
+			}
+
+			genDoc.AppState = encodedAppState
 			return genutil.ExportGenesisFile(genDoc, genFile)
 		},
 	}
@@ -81,8 +100,73 @@ func ASIGenesisUpgradeReplaceChainID(genesisData *types.GenesisDoc) {
 
 func ASIGenesisUpgradeReplaceDenom() {}
 
-func ASIGenesisUpgradeReplaceAddresses() {}
+func ASIGenesisUpgradeReplaceAddresses(jsonData map[string]interface{}) {
+	// account addresses
+	replaceAddresses(AccAddressPrefix, jsonData, AddrDataLength+AddrChecksumLength)
+	// validator addresses
+	replaceAddresses(ValAddressPrefix, jsonData, AddrDataLength+AddrChecksumLength)
+	// consensus addresses
+	replaceAddresses(ConsAddressPrefix, jsonData, AddrDataLength+AddrChecksumLength)
+	// contract addresses
+	replaceAddresses(AccAddressPrefix, jsonData, WasmDataLength+AddrChecksumLength)
+}
+
+func replaceAddresses(addressTypePrefix string, jsonData map[string]interface{}, dataLength int) {
+	re := regexp.MustCompile(fmt.Sprintf(`^%s%s1([%s]{%d})$`, OldAddrPrefix, addressTypePrefix, Bech32Chars, dataLength))
+
+	crawlJson(nil, jsonData, func(key interface{}, value interface{}) interface{} {
+		if str, ok := value.(string); ok {
+			if !re.MatchString(str) {
+				return value
+			}
+			newAddress, err := convertAddressToASI(str, addressTypePrefix)
+			if err != nil {
+				panic(err)
+			}
+
+			return newAddress
+		}
+		return value
+	})
+}
 
 func ASIGenesisUpgradeWithdrawIBCChannelsBalances() {}
 
 func ASIGenesisUpgradeWithdrawReconciliationBalances() {}
+
+func crawlJson(key interface{}, value interface{}, strHandler func(interface{}, interface{}) interface{}) interface{} {
+	switch val := value.(type) {
+	case string:
+		if strHandler != nil {
+			return strHandler(key, val)
+		}
+	case []interface{}:
+		for i := range val {
+			val[i] = crawlJson(nil, val[i], strHandler)
+		}
+	case map[string]interface{}:
+		for k, v := range val {
+			val[k] = crawlJson(k, v, strHandler)
+		}
+	}
+	return value
+}
+
+func convertAddressToASI(addr string, addressTypePrefix string) (string, error) {
+	_, decodedAddrData, err := bech32.Decode(addr)
+	if err != nil {
+		return "", fmt.Errorf("failed to decode address: %w", err)
+	}
+
+	err = sdk.VerifyAddressFormat(decodedAddrData)
+	if err != nil {
+		return "", fmt.Errorf("failed to verify address format: %w", err)
+	}
+
+	newAddress, err := bech32.Encode(NewAddrPrefix+addressTypePrefix, decodedAddrData)
+	if err != nil {
+		return "", fmt.Errorf("failed to encode new address: %w", err)
+	}
+
+	return newAddress, nil
+}
diff --git a/go.mod b/go.mod
index 32d3950a..b446d809 100644
--- a/go.mod
+++ b/go.mod
@@ -16,6 +16,8 @@ require (
 	github.com/tendermint/tm-db v0.6.7
 )
 
+require github.com/btcsuite/btcutil v1.0.3-0.20201208143702-a53e38424cce
+
 require (
 	filippo.io/edwards25519 v1.0.0-beta.2 // indirect
 	github.com/99designs/keyring v1.1.6 // indirect
diff --git a/go.sum b/go.sum
index a83afb2d..6467bd8d 100644
--- a/go.sum
+++ b/go.sum
@@ -122,6 +122,7 @@ github.com/btcsuite/btcutil v0.0.0-20190207003914-4c204d697803/go.mod h1:+5NJ2+q
 github.com/btcsuite/btcutil v0.0.0-20190425235716-9e5f4b9a998d/go.mod h1:+5NJ2+qvTyV9exUAL/rxXi3DcLg2Ts+ymUAY5y4NvMg=
 github.com/btcsuite/btcutil v1.0.2/go.mod h1:j9HUFwoQRsZL3V4n+qG+CUnEGHOarIxfC3Le2Yhbcts=
 github.com/btcsuite/btcutil v1.0.3-0.20201208143702-a53e38424cce h1:YtWJF7RHm2pYCvA5t0RPmAaLUhREsKuKd+SLhxFbFeQ=
+github.com/btcsuite/btcutil v1.0.3-0.20201208143702-a53e38424cce/go.mod h1:0DVlHczLPewLcPGEIeUEzfOJhqGPQ0mJJRDBtD307+o=
 github.com/btcsuite/go-socks v0.0.0-20170105172521-4720035b7bfd/go.mod h1:HHNXQzUsZCxOoE+CPiyCTO6x34Zs86zZUiwtpXoGdtg=
 github.com/btcsuite/goleveldb v0.0.0-20160330041536-7834afc9e8cd/go.mod h1:F+uVaaLLH7j4eDXPRvw78tMflu7Ie2bzYOH4Y8rRKBY=
 github.com/btcsuite/goleveldb v1.0.0/go.mod h1:QiK9vBlgftBg6rWQIj6wFzbPfRjiykIEhBH4obrXJ/I=