diff --git a/tapdb/assets_common.go b/tapdb/assets_common.go
index 34d03c8ed..17dc04916 100644
--- a/tapdb/assets_common.go
+++ b/tapdb/assets_common.go
@@ -70,9 +70,9 @@ type UpsertAssetStore interface {
 	QueryAssets(context.Context, QueryAssetFilters) ([]ConfirmedAsset,
 		error)
 
-	// InsertNewAsset inserts a new asset on disk.
-	InsertNewAsset(ctx context.Context,
-		arg sqlc.InsertNewAssetParams) (int64, error)
+	// UpsertAsset upserts an asset on disk.
+	UpsertAsset(ctx context.Context,
+		arg sqlc.UpsertAssetParams) (int64, error)
 
 	// UpsertAssetMeta inserts a new asset meta into the DB.
 	UpsertAssetMeta(ctx context.Context, arg NewAssetMeta) (int64, error)
@@ -204,28 +204,10 @@ func upsertAssetsWithGenesis(ctx context.Context, q UpsertAssetStore,
 			anchorUtxoID = anchorUtxoIDs[idx]
 		}
 
-		// Check for matching assets in the database. If we find one,
-		// we'll just use its primary key ID, and we won't attempt to
-		// insert the asset again.
-		existingAssets, err := q.QueryAssets(ctx, QueryAssetFilters{
-			AnchorUtxoID: anchorUtxoID,
-			GenesisID:    sqlInt64(genAssetID),
-			ScriptKeyID:  sqlInt64(scriptKeyID),
-		})
-		if err != nil {
-			return 0, nil, fmt.Errorf("unable to query assets: %w",
-				err)
-		}
-
-		if len(existingAssets) > 0 {
-			assetIDs[idx] = existingAssets[0].AssetPrimaryKey
-			continue
-		}
-
-		// With all the dependent data inserted, we can now insert the
+		// With all the dependent data inserted, we can now upsert the
 		// base asset information itself.
-		assetIDs[idx], err = q.InsertNewAsset(
-			ctx, sqlc.InsertNewAssetParams{
+		assetIDs[idx], err = q.UpsertAsset(
+			ctx, sqlc.UpsertAssetParams{
 				GenesisID:           genAssetID,
 				Version:             int32(a.Version),
 				ScriptKeyID:         scriptKeyID,
diff --git a/tapdb/sqlc/assets.sql.go b/tapdb/sqlc/assets.sql.go
index 5a30c91ea..b31082b39 100644
--- a/tapdb/sqlc/assets.sql.go
+++ b/tapdb/sqlc/assets.sql.go
@@ -1713,46 +1713,6 @@ func (q *Queries) InsertAssetWitness(ctx context.Context, arg InsertAssetWitness
 	return err
 }
 
-const insertNewAsset = `-- name: InsertNewAsset :one
-INSERT INTO assets (
-    genesis_id, version, script_key_id, asset_group_witness_id, script_version, 
-    amount, lock_time, relative_lock_time, anchor_utxo_id, spent
-) VALUES (
-    $1, $2, $3, $4, $5, $6, $7, $8, $9, $10
-) RETURNING asset_id
-`
-
-type InsertNewAssetParams struct {
-	GenesisID           int64
-	Version             int32
-	ScriptKeyID         int64
-	AssetGroupWitnessID sql.NullInt64
-	ScriptVersion       int32
-	Amount              int64
-	LockTime            sql.NullInt32
-	RelativeLockTime    sql.NullInt32
-	AnchorUtxoID        sql.NullInt64
-	Spent               bool
-}
-
-func (q *Queries) InsertNewAsset(ctx context.Context, arg InsertNewAssetParams) (int64, error) {
-	row := q.db.QueryRowContext(ctx, insertNewAsset,
-		arg.GenesisID,
-		arg.Version,
-		arg.ScriptKeyID,
-		arg.AssetGroupWitnessID,
-		arg.ScriptVersion,
-		arg.Amount,
-		arg.LockTime,
-		arg.RelativeLockTime,
-		arg.AnchorUtxoID,
-		arg.Spent,
-	)
-	var asset_id int64
-	err := row.Scan(&asset_id)
-	return asset_id, err
-}
-
 const newMintingBatch = `-- name: NewMintingBatch :exec
 INSERT INTO asset_minting_batches (
     batch_state, batch_id, height_hint, creation_time_unix
@@ -2190,6 +2150,57 @@ func (q *Queries) UpdateUTXOLease(ctx context.Context, arg UpdateUTXOLeaseParams
 	return err
 }
 
+const upsertAsset = `-- name: UpsertAsset :one
+INSERT INTO assets (
+    genesis_id, version, script_key_id, asset_group_witness_id, script_version, 
+    amount, lock_time, relative_lock_time, anchor_utxo_id, spent
+) VALUES (
+    $1, $2, $3, $4,
+    $5, $6, $7, $8, $9,
+    $10
+)  ON CONFLICT (anchor_utxo_id, genesis_id, script_key_id)
+DO UPDATE SET
+    version = $2,
+    asset_group_witness_id = $4,
+    script_version = $5,
+    amount = $6,
+    lock_time = $7,
+    relative_lock_time = $8,
+    spent = $10
+RETURNING asset_id
+`
+
+type UpsertAssetParams struct {
+	GenesisID           int64
+	Version             int32
+	ScriptKeyID         int64
+	AssetGroupWitnessID sql.NullInt64
+	ScriptVersion       int32
+	Amount              int64
+	LockTime            sql.NullInt32
+	RelativeLockTime    sql.NullInt32
+	AnchorUtxoID        sql.NullInt64
+	Spent               bool
+}
+
+func (q *Queries) UpsertAsset(ctx context.Context, arg UpsertAssetParams) (int64, error) {
+	row := q.db.QueryRowContext(ctx, upsertAsset,
+		arg.GenesisID,
+		arg.Version,
+		arg.ScriptKeyID,
+		arg.AssetGroupWitnessID,
+		arg.ScriptVersion,
+		arg.Amount,
+		arg.LockTime,
+		arg.RelativeLockTime,
+		arg.AnchorUtxoID,
+		arg.Spent,
+	)
+	var asset_id int64
+	err := row.Scan(&asset_id)
+	return asset_id, err
+}
+
 const upsertAssetGroupKey = `-- name: UpsertAssetGroupKey :one
 INSERT INTO asset_groups (
     tweaked_group_key, tapscript_root, internal_key_id, genesis_point_id 
diff --git a/tapdb/sqlc/migrations/000013_assets_unique_constraint.down.sql b/tapdb/sqlc/migrations/000013_assets_unique_constraint.down.sql
new file mode 100644
index 000000000..e69de29bb
diff --git a/tapdb/sqlc/migrations/000013_assets_unique_constraint.up.sql b/tapdb/sqlc/migrations/000013_assets_unique_constraint.up.sql
new file mode 100644
index 000000000..495f717df
--- /dev/null
+++ b/tapdb/sqlc/migrations/000013_assets_unique_constraint.up.sql
@@ -0,0 +1,31 @@
+-- We will apply a new unique constraint on the assets table. This constraint
+-- will be on the columns (anchor_utxo_id, genesis_id, script_key_id).
+-- Rows in the existing table may violate this constraint, so we need to delete
+-- all but one row in each violating set of rows before applying the constraint.
+WITH duplicate_rows AS (
+    SELECT
+        asset_id,
+        anchor_utxo_id,
+        genesis_id,
+        script_key_id,
+
+        -- This is the row number of the row within the set of rows that violate
+        -- the constraint. We will delete all rows with a row number greater
+        -- than 1.
+        ROW_NUMBER() OVER (PARTITION BY anchor_utxo_id, genesis_id, script_key_id ORDER BY asset_id) AS row_num
+    FROM assets
+)
+DELETE FROM assets
+WHERE (anchor_utxo_id, genesis_id, script_key_id) IN (
+    SELECT anchor_utxo_id, genesis_id, script_key_id
+    FROM duplicate_rows
+    -- Delete all rows with a row number greater than 1. This should leave
+    -- exactly one row (row number 0) for each set of rows that violate the
+    -- constraint.
+    WHERE row_num > 1
+);
+
+-- Create a unique index on the new table
+CREATE UNIQUE INDEX assets_uniqueness_index_anchor_utxo_id_genesis_id_script_key_id
+ON assets (anchor_utxo_id, genesis_id, script_key_id);
+
diff --git a/tapdb/sqlc/querier.go b/tapdb/sqlc/querier.go
index ee001f911..55e185305 100644
--- a/tapdb/sqlc/querier.go
+++ b/tapdb/sqlc/querier.go
@@ -88,7 +88,6 @@ type Querier interface {
 	InsertBranch(ctx context.Context, arg InsertBranchParams) error
 	InsertCompactedLeaf(ctx context.Context, arg InsertCompactedLeafParams) error
 	InsertLeaf(ctx context.Context, arg InsertLeafParams) error
-	InsertNewAsset(ctx context.Context, arg InsertNewAssetParams) (int64, error)
 	InsertNewProofEvent(ctx context.Context, arg InsertNewProofEventParams) error
 	InsertNewSyncEvent(ctx context.Context, arg InsertNewSyncEventParams) error
 	InsertPassiveAsset(ctx context.Context, arg InsertPassiveAssetParams) error
@@ -139,6 +138,7 @@ type Querier interface {
 	UpdateMintingBatchState(ctx context.Context, arg UpdateMintingBatchStateParams) error
 	UpdateUTXOLease(ctx context.Context, arg UpdateUTXOLeaseParams) error
 	UpsertAddrEvent(ctx context.Context, arg UpsertAddrEventParams) (int64, error)
+	UpsertAsset(ctx context.Context, arg UpsertAssetParams) (int64, error)
 	UpsertAssetGroupKey(ctx context.Context, arg UpsertAssetGroupKeyParams) (int64, error)
 	UpsertAssetGroupWitness(ctx context.Context, arg UpsertAssetGroupWitnessParams) (int64, error)
 	UpsertAssetMeta(ctx context.Context, arg UpsertAssetMetaParams) (int64, error)
diff --git a/tapdb/sqlc/queries/assets.sql b/tapdb/sqlc/queries/assets.sql
index cc33881e7..2be82073d 100644
--- a/tapdb/sqlc/queries/assets.sql
+++ b/tapdb/sqlc/queries/assets.sql
@@ -178,13 +178,24 @@ INSERT INTO genesis_assets (
     DO UPDATE SET asset_id = EXCLUDED.asset_id
 RETURNING gen_asset_id;
 
--- name: InsertNewAsset :one
+-- name: UpsertAsset :one
 INSERT INTO assets (
     genesis_id, version, script_key_id, asset_group_witness_id, script_version, 
     amount, lock_time, relative_lock_time, anchor_utxo_id, spent
 ) VALUES (
-    $1, $2, $3, $4, $5, $6, $7, $8, $9, $10
-) RETURNING asset_id;
+    @genesis_id, @version, @script_key_id, @asset_group_witness_id,
+    @script_version, @amount, @lock_time, @relative_lock_time, @anchor_utxo_id,
+    @spent
+)  ON CONFLICT (anchor_utxo_id, genesis_id, script_key_id)
+DO UPDATE SET
+    version = @version,
+    asset_group_witness_id = @asset_group_witness_id,
+    script_version = @script_version,
+    amount = @amount,
+    lock_time = @lock_time,
+    relative_lock_time = @relative_lock_time,
+    spent = @spent
+RETURNING asset_id;
 
 -- name: FetchAssetsForBatch :many
 WITH genesis_info AS (