diff --git a/packages/fast-usdc/src/exos/settler.js b/packages/fast-usdc/src/exos/settler.js
index e7d69b4c188..2573937ec69 100644
--- a/packages/fast-usdc/src/exos/settler.js
+++ b/packages/fast-usdc/src/exos/settler.js
@@ -13,6 +13,7 @@ import {
   EvmHashShape,
   makeNatAmountShape,
 } from '../type-guards.js';
+import { asMultiset } from '../utils/store.js';
 
 /**
  * @import {FungibleTokenPacketData} from '@agoric/cosmic-proto/ibc/applications/transfer/v2/packet.js';
@@ -149,6 +150,7 @@ export const prepareSettler = (
         ).returns(M.boolean()),
       }),
       self: M.interface('SettlerSelfI', {
+        addMintedEarly: M.call(M.string(), M.nat()).returns(),
         disburse: M.call(EvmHashShape, M.nat()).returns(M.promise()),
         forward: M.call(EvmHashShape, M.nat(), M.string()).returns(),
       }),
@@ -174,8 +176,8 @@ export const prepareSettler = (
         intermediateRecipient: config.intermediateRecipient,
         /** @type {HostInterface<TargetRegistration>|undefined} */
         registration: undefined,
-        /** @type {SetStore<ReturnType<typeof makeMintedEarlyKey>>} */
-        mintedEarly: zone.detached().setStore('mintedEarly'),
+        /** @type {MapStore<ReturnType<typeof makeMintedEarlyKey>, number>} */
+        mintedEarly: zone.detached().mapStore('mintedEarly'),
       };
     },
     {
@@ -221,7 +223,7 @@ export const prepareSettler = (
 
             case PendingTxStatus.Advancing:
               log('⚠️ tap: minted while advancing', nfa, amount);
-              this.state.mintedEarly.add(makeMintedEarlyKey(nfa, amount));
+              self.addMintedEarly(nfa, amount);
               return;
 
             case PendingTxStatus.Observed:
@@ -234,7 +236,7 @@ export const prepareSettler = (
               log('⚠️ tap: minted before observed', nfa, amount);
               // XXX consider capturing in vstorage
               // we would need a new key, as this does not have a txHash
-              this.state.mintedEarly.add(makeMintedEarlyKey(nfa, amount));
+              self.addMintedEarly(nfa, amount);
           }
         },
       },
@@ -256,7 +258,7 @@ export const prepareSettler = (
           const { value: fullValue } = fullAmount;
           const key = makeMintedEarlyKey(forwardingAddress, fullValue);
           if (mintedEarly.has(key)) {
-            mintedEarly.delete(key);
+            asMultiset(mintedEarly).remove(key);
             statusManager.advanceOutcomeForMintedEarly(txHash, success);
             if (success) {
               void this.facets.self.disburse(txHash, fullValue);
@@ -290,7 +292,7 @@ export const prepareSettler = (
               forwardingAddress,
               amount,
             );
-            mintedEarly.delete(key);
+            asMultiset(mintedEarly).remove(key);
             statusManager.advanceOutcomeForUnknownMint(evidence);
             void this.facets.self.forward(txHash, amount, destination.value);
             return true;
@@ -299,6 +301,16 @@ export const prepareSettler = (
         },
       },
       self: {
+        /**
+         * Helper function to track a minted-early transaction by incrementing or initializing its counter
+         * @param {NobleAddress} address
+         * @param {NatValue} amount
+         */
+        addMintedEarly(address, amount) {
+          const key = makeMintedEarlyKey(address, amount);
+          const { mintedEarly } = this.state;
+          asMultiset(mintedEarly).add(key);
+        },
         /**
          * @param {EvmHash} txHash
          * @param {NatValue} fullValue
diff --git a/packages/fast-usdc/test/exos/settler.test.ts b/packages/fast-usdc/test/exos/settler.test.ts
index 61ea505df15..089468100f9 100644
--- a/packages/fast-usdc/test/exos/settler.test.ts
+++ b/packages/fast-usdc/test/exos/settler.test.ts
@@ -546,6 +546,119 @@ test('Settlement for unknown transaction (minted early)', async t => {
   ]);
 });
 
+test('Multiple minted early transactions with same address and amount', async t => {
+  const {
+    common: {
+      brands: { usdc },
+    },
+    makeSettler,
+    defaultSettlerParams,
+    repayer,
+    accounts,
+    peekCalls,
+    inspectLogs,
+    makeSimulate,
+    storage,
+  } = t.context;
+
+  const settler = makeSettler({
+    repayer,
+    settlementAccount: accounts.settlement.account,
+    ...defaultSettlerParams,
+  });
+  const simulate = makeSimulate(settler.notifier);
+
+  t.log('Simulate first incoming IBC settlement');
+  void settler.tap.receiveUpcall(MockVTransferEvents.AGORIC_PLUS_OSMO());
+  await eventLoopIteration();
+
+  t.log('Simulate second incoming IBC settlement with same address and amount');
+  void settler.tap.receiveUpcall(MockVTransferEvents.AGORIC_PLUS_OSMO());
+  await eventLoopIteration();
+
+  t.log('Nothing transferred yet - both transactions are minted early');
+  t.deepEqual(peekCalls(), []);
+  t.deepEqual(accounts.settlement.callLog, []);
+  const tapLogs = inspectLogs();
+
+  // Should show two instances of "minted before observed"
+  const mintedBeforeObservedLogs = tapLogs
+    .flat()
+    .filter(
+      log => typeof log === 'string' && log.includes('minted before observed'),
+    );
+  t.is(
+    mintedBeforeObservedLogs.length,
+    2,
+    'Should have two "minted before observed" log entries',
+  );
+
+  t.log('Oracle operators report first transaction...');
+  const evidence1 = simulate.observeLate(
+    MockCctpTxEvidences.AGORIC_PLUS_OSMO(),
+  );
+  await eventLoopIteration();
+
+  t.log('First transfer should complete');
+  t.is(
+    accounts.settlement.callLog.length,
+    1,
+    'First transfer should be initiated',
+  );
+  accounts.settlement.transferVResolver.resolve(undefined);
+  await eventLoopIteration();
+  t.deepEqual(storage.getDeserialized(`fun.txns.${evidence1.txHash}`), [
+    { evidence: evidence1, status: 'OBSERVED' },
+    { status: 'FORWARDED' },
+  ]);
+
+  t.log(
+    'Oracle operators report second transaction with same address/amount...',
+  );
+  const evidence2 = simulate.observeLate({
+    ...MockCctpTxEvidences.AGORIC_PLUS_OSMO(),
+    txHash:
+      '0x0000000000000000000000000000000000000000000000000000000000000000',
+  });
+  await eventLoopIteration();
+
+  t.log('Second transfer should also complete');
+  t.is(
+    accounts.settlement.callLog.length,
+    2,
+    'Second transfer should be initiated',
+  );
+  accounts.settlement.transferVResolver.resolve(undefined);
+  await eventLoopIteration();
+  t.deepEqual(storage.getDeserialized(`fun.txns.${evidence2.txHash}`), [
+    { evidence: evidence2, status: 'OBSERVED' },
+    { status: 'FORWARDED' },
+  ]);
+
+  // Simulate a third transaction and verify no more are tracked as minted early
+  simulate.observe({
+    ...MockCctpTxEvidences.AGORIC_PLUS_OSMO(),
+    txHash:
+      '0x0000000000000000000000000000000000000000000000000000000000000001',
+  });
+  const foundMore = inspectLogs()
+    .flat()
+    .filter(
+      log =>
+        typeof log === 'string' && log.includes('matched minted early key'),
+    );
+  t.is(
+    foundMore.length,
+    2,
+    'Should not find any more minted early transactions',
+  );
+  t.is(
+    accounts.settlement.callLog.length,
+    2,
+    'No additional transfers should be initiated',
+  );
+});
+
 test('Settlement for Advancing transaction (advance succeeds)', async t => {
   const {
     accounts,