diff --git a/eslint-suppressions.json b/eslint-suppressions.json
index 49450a4b687..80c69fcb5dc 100644
--- a/eslint-suppressions.json
+++ b/eslint-suppressions.json
@@ -261,6 +261,9 @@
   "packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.test.ts": {
     "@typescript-eslint/explicit-function-return-type": {
       "count": 1
+    },
+    "no-restricted-syntax": {
+      "count": 1
     }
   },
   "packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.ts": {
@@ -268,7 +271,10 @@
       "count": 2
     },
     "@typescript-eslint/no-misused-promises": {
-      "count": 2
+      "count": 3
+    },
+    "no-restricted-syntax": {
+      "count": 1
     }
   },
   "packages/assets-controllers/src/DeFiPositionsController/group-defi-positions.ts": {
diff --git a/packages/assets-controllers/CHANGELOG.md b/packages/assets-controllers/CHANGELOG.md
index 48b126b36fb..f4272e826c3 100644
--- a/packages/assets-controllers/CHANGELOG.md
+++ b/packages/assets-controllers/CHANGELOG.md
@@ -13,6 +13,12 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 - Bump `@metamask/keyring-controller` from `^25.1.1` to `^25.2.0` ([#8363](https://github.com/MetaMask/core/pull/8363))
 - Bump `@metamask/messenger` from `^1.0.0` to `^1.1.1` ([#8364](https://github.com/MetaMask/core/pull/8364), [#8373](https://github.com/MetaMask/core/pull/8373))
 
+### Fixed
+
+- `DeFiPositionsController` now refreshes DeFi positions on app launch for returning users ([#8433](https://github.com/MetaMask/core/pull/8433))
+  - Previously, `selectedAccountGroupChange` did not fire when the persisted selected group was unchanged, leaving positions stale until the next poll interval.
+  - Now subscribes to `AccountTreeController:stateChange`, which is guaranteed to fire when `AccountTreeController.init()` calls `this.update()`, triggering a position refresh once accounts are available.
+
 ## [103.1.1]
 
 ### Changed
diff --git a/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.test.ts b/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.test.ts
index dd6f2d55957..a0b70f792d5 100644
--- a/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.test.ts
+++ b/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.test.ts
@@ -105,6 +105,7 @@ function setupController({
       'KeyringController:lock',
       'TransactionController:transactionConfirmed',
       'AccountTreeController:selectedAccountGroupChange',
+      'AccountTreeController:stateChange',
     ],
   });
 
@@ -156,11 +157,16 @@ function setupController({
     );
   };
 
+  const triggerAccountTreeStateChange = (): void => {
+    messenger.publish('AccountTreeController:stateChange', {} as never, []);
+  };
+
   return {
     controller,
     triggerLock,
     triggerTransactionConfirmed,
     triggerAccountGroupChange,
+    triggerAccountTreeStateChange,
     buildPositionsFetcherSpy,
     updateSpy,
     mockFetchPositions,
@@ -385,6 +391,71 @@ describe('DeFiPositionsController', () => {
     expect(updateSpy).toHaveBeenCalledTimes(1);
   });
 
+  it('fetches positions for the selected evm account when the account tree state changes', async () => {
+    const mockFetchPositions = jest.fn().mockResolvedValue('mock-fetch-data-1');
+    const mockGroupDeFiPositions = jest
+      .fn()
+      .mockReturnValue('mock-grouped-data-1');
+
+    const {
+      controller,
+      triggerAccountTreeStateChange,
+      buildPositionsFetcherSpy,
+      updateSpy,
+    } = setupController({
+      mockFetchPositions,
+      mockGroupDeFiPositions,
+    });
+
+    triggerAccountTreeStateChange();
+    await flushPromises();
+
+    expect(controller.state).toStrictEqual({
+      allDeFiPositions: {
+        [GROUP_ACCOUNTS[0].address]: 'mock-grouped-data-1',
+      },
+      allDeFiPositionsCount: {},
+    });
+
+    expect(buildPositionsFetcherSpy).toHaveBeenCalled();
+
+    expect(mockFetchPositions).toHaveBeenCalledWith(GROUP_ACCOUNTS[0].address);
+    expect(mockFetchPositions).toHaveBeenCalledTimes(1);
+
+    expect(mockGroupDeFiPositions).toHaveBeenCalledWith('mock-fetch-data-1');
+    expect(mockGroupDeFiPositions).toHaveBeenCalledTimes(1);
+
+    expect(updateSpy).toHaveBeenCalledTimes(1);
+  });
+
+  it('does not fetch positions when the account tree state changes and there is no evm account', async () => {
+    const {
+      controller,
+      triggerAccountTreeStateChange,
+      buildPositionsFetcherSpy,
+      updateSpy,
+      mockFetchPositions,
+      mockGroupDeFiPositions,
+    } = setupController({
+      mockGroupAccounts: GROUP_ACCOUNTS_NO_EVM,
+    });
+
+    triggerAccountTreeStateChange();
+    await flushPromises();
+
+    expect(controller.state).toStrictEqual(
+      getDefaultDefiPositionsControllerState(),
+    );
+
+    expect(buildPositionsFetcherSpy).toHaveBeenCalled();
+
+    expect(mockFetchPositions).not.toHaveBeenCalled();
+
+    expect(mockGroupDeFiPositions).not.toHaveBeenCalled();
+
+    expect(updateSpy).not.toHaveBeenCalled();
+  });
+
   it('does not fetch positions when the account group changes and there is no evm account', async () => {
     const {
       controller,
diff --git a/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.ts b/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.ts
index 33b33ecc7df..a68b038509c 100644
--- a/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.ts
+++ b/packages/assets-controllers/src/DeFiPositionsController/DeFiPositionsController.ts
@@ -1,6 +1,7 @@
 import type {
   AccountTreeControllerGetAccountsFromSelectedAccountGroupAction,
   AccountTreeControllerSelectedAccountGroupChangeEvent,
+  AccountTreeControllerStateChangeEvent,
 } from '@metamask/account-tree-controller';
 import type {
   ControllerGetStateAction,
@@ -114,7 +115,8 @@ export type AllowedActions =
 export type AllowedEvents =
   | KeyringControllerLockEvent
   | TransactionControllerTransactionConfirmedEvent
-  | AccountTreeControllerSelectedAccountGroupChangeEvent;
+  | AccountTreeControllerSelectedAccountGroupChangeEvent
+  | AccountTreeControllerStateChangeEvent;
 
 /**
  * The messenger of the {@link DeFiPositionsController}.
@@ -203,6 +205,20 @@ export class DeFiPositionsController extends StaticIntervalPollingController()<
       },
     );
 
+    // `selectedAccountGroupChange` does not fire on returning users when the
+    // persisted selected group is unchanged. `:stateChange` is guaranteed to
+    // fire when `AccountTreeController.init()` calls `this.update()`, so we
+    // use it to catch the initial tree build and trigger a position refresh.
+    this.messenger.subscribe('AccountTreeController:stateChange', async () => {
+      const selectedAddress = this.#getSelectedEvmAdress();
+
+      if (!selectedAddress) {
+        return;
+      }
+
+      await this.#updateAccountPositions(selectedAddress);
+    });
+
     this.#trackEvent = trackEvent;
   }