diff --git a/src/background/services/storage/schemaMigrations/migrations/balances_v3.test.ts b/src/background/services/storage/schemaMigrations/migrations/balances_v3.test.ts
new file mode 100644
index 00000000..1388b716
--- /dev/null
+++ b/src/background/services/storage/schemaMigrations/migrations/balances_v3.test.ts
@@ -0,0 +1,75 @@
+import balances_v3, { PreviousSchema } from './balances_v3';
+
+describe('background/services/storage/schemaMigrations/migrations/balances_v3', () => {
+  const previousValue: PreviousSchema = {
+    balances: {
+      '1': {
+        'address-1-a': {
+          'token-address-1-a': {
+            balance: 1,
+          },
+        },
+        'address-1-b': {
+          'token-address-1-b': {
+            balance: 2,
+          },
+        },
+      },
+      '137': {
+        'address-137-a': {
+          POL: {
+            balance: 4,
+          },
+          MATIC: {
+            balance: 4,
+          },
+          'token-address-137-a': {
+            balance: 3,
+          },
+        },
+        'address-137-b': {
+          POL: {
+            balance: 5,
+          },
+        },
+      },
+    },
+  };
+
+  it('removes MATIC from cached balances and leaves other tokens in tact', async () => {
+    const newBalances = await balances_v3.up(previousValue);
+
+    expect(newBalances).toEqual({
+      balances: {
+        '1': {
+          'address-1-a': {
+            'token-address-1-a': {
+              balance: 1,
+            },
+          },
+          'address-1-b': {
+            'token-address-1-b': {
+              balance: 2,
+            },
+          },
+        },
+        '137': {
+          'address-137-a': {
+            POL: {
+              balance: 4,
+            },
+            'token-address-137-a': {
+              balance: 3,
+            },
+          },
+          'address-137-b': {
+            POL: {
+              balance: 5,
+            },
+          },
+        },
+      },
+      version: 3,
+    });
+  });
+});
diff --git a/src/background/services/storage/schemaMigrations/migrations/balances_v3.ts b/src/background/services/storage/schemaMigrations/migrations/balances_v3.ts
new file mode 100644
index 00000000..654df7ec
--- /dev/null
+++ b/src/background/services/storage/schemaMigrations/migrations/balances_v3.ts
@@ -0,0 +1,50 @@
+import Joi from 'joi';
+
+export type PreviousSchema = {
+  balances?: {
+    [networkId: string | number]: {
+      [accountAddress: string]: {
+        [tokenAddressOrSymbol: string]: Record<string, unknown>;
+      };
+    };
+  };
+};
+
+const VERSION = 3;
+const POLYGON_CHAIN_ID = 137;
+const previousSchema = Joi.object();
+
+/**
+ * Polygon changed the name of their native token from MATIC to POL.
+ * We need to remove MATIC from cache so we don't show it twice.
+ */
+const up = async (cache: PreviousSchema) => {
+  const oldBalances = cache.balances;
+  const oldPolygonBalances = oldBalances?.[POLYGON_CHAIN_ID];
+
+  if (!oldPolygonBalances) {
+    return oldBalances;
+  }
+
+  const newPolygonBalances = Object.fromEntries(
+    Object.entries(oldPolygonBalances).map(([address, addressBalances]) => {
+      const { MATIC, ...addressBalancesWithoutMatic } = addressBalances; // eslint-disable-line
+
+      return [address, addressBalancesWithoutMatic];
+    })
+  );
+
+  return {
+    ...cache,
+    balances: {
+      ...oldBalances,
+      [POLYGON_CHAIN_ID]: newPolygonBalances,
+    },
+    version: VERSION,
+  };
+};
+
+export default {
+  previousSchema,
+  up,
+};
diff --git a/src/background/services/storage/schemaMigrations/schemaMap.ts b/src/background/services/storage/schemaMigrations/schemaMap.ts
index 160ce8a7..bed9a15f 100644
--- a/src/background/services/storage/schemaMigrations/schemaMap.ts
+++ b/src/background/services/storage/schemaMigrations/schemaMap.ts
@@ -16,6 +16,7 @@ import { BALANCES_CACHE_KEY } from '../../balances/models';
 import balances_v2 from './migrations/balances_v2';
 import network_v3 from './migrations/network_v3';
 import network_v4 from './migrations/network_v4';
+import balances_v3 from './migrations/balances_v3';
 
 export type Migration = {
   previousSchema: Joi.Schema;
@@ -100,12 +101,16 @@ export const SCHEMA_MAP = {
     ],
   },
   [BALANCES_CACHE_KEY]: {
-    latestVersion: 2,
+    latestVersion: 3,
     migrations: [
       {
         version: 2,
         migration: balances_v2,
       },
+      {
+        version: 3,
+        migration: balances_v3,
+      },
     ],
   },
 } as const;