diff --git a/src/monitor/Monitor.ts b/src/monitor/Monitor.ts
index 17e121887..4f2cd5514 100644
--- a/src/monitor/Monitor.ts
+++ b/src/monitor/Monitor.ts
@@ -27,6 +27,7 @@ import {
   toBN,
   toBNWei,
   winston,
+  TOKEN_SYMBOLS_MAP,
 } from "../utils";
 
 import { MonitorClients, updateMonitorClients } from "./MonitorClientHelper";
@@ -265,18 +266,13 @@ export class Monitor {
   // Update current balances of all tokens on each supported chain for each relayer.
   async updateCurrentRelayerBalances(relayerBalanceReport: RelayerBalanceReport): Promise<void> {
     const { hubPoolClient } = this.clients;
-    const l1Tokens = hubPoolClient.getL1Tokens();
+    const _l1Tokens = hubPoolClient.getL1Tokens();
     for (const relayer of this.monitorConfig.monitoredRelayers) {
       for (const chainId of this.monitorChains) {
-        const l2ToL1Tokens = Object.fromEntries(
-          l1Tokens
-            .filter(({ address: l1Token }) => hubPoolClient.l2TokenEnabledForL1Token(l1Token, chainId))
-            .map((l1Token) => {
-              const l2Token = hubPoolClient.getL2TokenForL1TokenAtBlock(l1Token.address, chainId);
-              return [l2Token, l1Token];
-            })
+        const l1Tokens = _l1Tokens.filter(({ address: l1Token }) =>
+          hubPoolClient.l2TokenEnabledForL1Token(l1Token, chainId)
         );
-
+        const l2ToL1Tokens = this.getL2ToL1TokenMap(l1Tokens, chainId);
         const l2TokenAddresses = Object.keys(l2ToL1Tokens);
         const tokenBalances = await this._getBalances(
           l2TokenAddresses.map((address) => ({
@@ -300,6 +296,32 @@ export class Monitor {
     }
   }
 
+  // Returns a dictionary of L2 token addresses on this chain to their mapped L1 token info. For example, this
+  // will return a dictionary for Optimism including WETH, WBTC, USDC, USDC.e, USDT entries where the key is
+  // the token's Optimism address and the value is the equivalent L1 token info.
+  protected getL2ToL1TokenMap(l1Tokens: L1Token[], chainId: number): { [l2TokenAddress: string]: L1Token } {
+    return Object.fromEntries(
+      l1Tokens
+        .map((l1Token) => {
+          // @dev l2TokenSymbols is a list of all keys in TOKEN_SYMBOLS_MAP where the hub chain address is equal to the
+          // l1 token address.
+          const l2TokenSymbols = Object.entries(TOKEN_SYMBOLS_MAP)
+            .filter(
+              ([, { addresses }]) =>
+                addresses[this.clients.hubPoolClient.chainId]?.toLowerCase() === l1Token.address.toLowerCase()
+            )
+            .map(([symbol]) => symbol);
+
+          // Create an entry for all L2 tokens that share a symbol with the L1 token. This includes tokens
+          // like USDC which has multiple L2 tokens mapped to the same L1 token for a given chain ID.
+          return l2TokenSymbols
+            .filter((symbol) => TOKEN_SYMBOLS_MAP[symbol].addresses[chainId] !== undefined)
+            .map((symbol) => [TOKEN_SYMBOLS_MAP[symbol].addresses[chainId], l1Token]);
+        })
+        .flat()
+    );
+  }
+
   async checkBalances(): Promise<void> {
     const { monitoredBalances } = this.monitorConfig;
     const balances = await this._getBalances(monitoredBalances);
diff --git a/test/Monitor.ts b/test/Monitor.ts
index 6dd54a5da..0cd353100 100644
--- a/test/Monitor.ts
+++ b/test/Monitor.ts
@@ -10,7 +10,7 @@ import {
 import { CrossChainTransferClient } from "../src/clients/bridges";
 import { spokePoolClientsToProviders } from "../src/common";
 import { Dataworker } from "../src/dataworker/Dataworker";
-import { BalanceType, V3DepositWithBlock } from "../src/interfaces";
+import { BalanceType, L1Token, V3DepositWithBlock } from "../src/interfaces";
 import { ALL_CHAINS_NAME, Monitor, REBALANCE_FINALIZE_GRACE_PERIOD } from "../src/monitor/Monitor";
 import { MonitorConfig } from "../src/monitor/MonitorConfig";
 import { MAX_UINT_VAL, getNetworkName, toBN } from "../src/utils";
@@ -31,6 +31,20 @@ import {
   toBNWei,
 } from "./utils";
 
+type TokenMap = { [l2TokenAddress: string]: L1Token };
+
+class TestMonitor extends Monitor {
+  private overriddenTokenMap: { [chainId: number]: TokenMap } = {};
+
+  setL2ToL1TokenMap(chainId: number, map: TokenMap): void {
+    this.overriddenTokenMap[chainId] = map;
+  }
+  // Override internal function that calls into externally defined and hard-coded TOKEN_SYMBOLS_MAP.
+  protected getL2ToL1TokenMap(l1Tokens: L1Token[], chainId): TokenMap {
+    return this.overriddenTokenMap[chainId] ?? super.getL2ToL1TokenMap(l1Tokens, chainId);
+  }
+}
+
 describe("Monitor", async function () {
   const TEST_NETWORK_NAMES = ["Hardhat1", "Hardhat2", "unknown", ALL_CHAINS_NAME];
   let l1Token: Contract, l2Token: Contract, erc20_2: Contract;
@@ -154,7 +168,7 @@ describe("Monitor", async function () {
     adapterManager = new MockAdapterManager(null, null, null, null);
     adapterManager.setSupportedChains(chainIds);
     crossChainTransferClient = new CrossChainTransferClient(spyLogger, chainIds, adapterManager);
-    monitorInstance = new Monitor(spyLogger, monitorConfig, {
+    monitorInstance = new TestMonitor(spyLogger, monitorConfig, {
       bundleDataClient,
       configStoreClient,
       multiCallerClient,
@@ -163,7 +177,27 @@ describe("Monitor", async function () {
       tokenTransferClient,
       crossChainTransferClient,
     });
-
+    (monitorInstance as TestMonitor).setL2ToL1TokenMap(originChainId, {
+      [l2Token.address]: {
+        symbol: "L1Token1",
+        address: l1Token.address,
+        decimals: 18,
+      },
+    });
+    (monitorInstance as TestMonitor).setL2ToL1TokenMap(destinationChainId, {
+      [erc20_2.address]: {
+        symbol: "L1Token1",
+        address: l1Token.address,
+        decimals: 18,
+      },
+    });
+    (monitorInstance as TestMonitor).setL2ToL1TokenMap(hubPoolClient.chainId, {
+      [l1Token.address]: {
+        symbol: "L1Token1",
+        address: l1Token.address,
+        decimals: 18,
+      },
+    });
     await updateAllClients();
   });