diff --git a/contracts/p1/AssetRegistry.sol b/contracts/p1/AssetRegistry.sol
index 82e1911c0..8398654e7 100644
--- a/contracts/p1/AssetRegistry.sol
+++ b/contracts/p1/AssetRegistry.sol
@@ -47,7 +47,7 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
 
         uint256 length = assets_.length;
         for (uint256 i = 0; i < length; ++i) {
-            _register(assets_[i]);
+            _register(assets_[i], assets_[i].erc20());
         }
     }
 
@@ -70,6 +70,8 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
     }
 
     /// Register a new JIT-deployed RTokenAsset instance
+    /// NOT parallel with register()/swapRegistered():
+    ///   Can be used for initial registration OR rotation
     /// @param maxTradeVolume {UoA} The maximum trade volume for the RTokenAsset
     /// @return swapped If the asset was swapped for a previously-registered asset
     /// @custom:governance
@@ -78,7 +80,10 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
         governance
         returns (bool swapped)
     {
-        swapped = _registerIgnoringCollisions(new RTokenAsset(main.rToken(), maxTradeVolume));
+        IRToken rToken = main.rToken();
+        RTokenAsset asset = new RTokenAsset(rToken, maxTradeVolume);
+
+        swapped = _registerIgnoringCollisions(asset, IERC20Metadata(address(rToken)));
     }
 
     /// Register `asset`
@@ -89,8 +94,9 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
     // effects: assets' = assets.set(asset.erc20(), asset)
     // returns: (asset.erc20 not in keys(assets))
     function register(IAsset asset) external governance returns (bool) {
-        require(address(asset.erc20()) != address(main.rToken()), "cannot register RToken");
-        return _register(asset);
+        IERC20Metadata erc20 = asset.erc20();
+
+        return _register(asset, erc20);
     }
 
     /// Register `asset` if and only if its erc20 address is already registered.
@@ -102,16 +108,18 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
     // effects: assets' = assets + {asset.erc20(): asset}
     // actions: if asset.erc20() is in basketHandler's basket then basketHandler.disableBasket()
     function swapRegistered(IAsset asset) external governance returns (bool swapped) {
-        require(address(asset.erc20()) != address(main.rToken()), "cannot swap RToken");
-        require(_erc20s.contains(address(asset.erc20())), "no ERC20 collision");
+        IERC20Metadata erc20 = asset.erc20();
+
+        require(address(erc20) != address(main.rToken()), "cannot swap RToken");
+        require(_erc20s.contains(address(erc20)), "no ERC20 collision");
 
-        try basketHandler.quantity{ gas: _reserveGas() }(asset.erc20()) returns (uint192 quantity) {
+        try basketHandler.quantity{ gas: _reserveGas() }(erc20) returns (uint192 quantity) {
             if (quantity != 0) basketHandler.disableBasket(); // not an interaction
         } catch {
             basketHandler.disableBasket();
         }
 
-        swapped = _registerIgnoringCollisions(asset);
+        swapped = _registerIgnoringCollisions(asset, erc20);
     }
 
     /// Unregister an asset, requiring that it is already registered
@@ -121,19 +129,21 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
     // checks: assets[asset.erc20()] == asset
     // effects: assets' = assets - {asset.erc20():_} + {asset.erc20(), asset}
     function unregister(IAsset asset) external governance {
-        require(address(asset.erc20()) != address(main.rToken()), "cannot unregister RToken");
-        require(_erc20s.contains(address(asset.erc20())), "no asset to unregister");
-        require(assets[asset.erc20()] == asset, "asset not found");
+        IERC20Metadata erc20 = asset.erc20();
+
+        require(address(erc20) != address(main.rToken()), "cannot unregister RToken");
+        require(_erc20s.contains(address(erc20)), "no asset to unregister");
+        require(assets[erc20] == asset, "asset not found");
 
-        try basketHandler.quantity{ gas: _reserveGas() }(asset.erc20()) returns (uint192 quantity) {
+        try basketHandler.quantity{ gas: _reserveGas() }(erc20) returns (uint192 quantity) {
             if (quantity != 0) basketHandler.disableBasket(); // not an interaction
         } catch {
             basketHandler.disableBasket();
         }
 
-        _erc20s.remove(address(asset.erc20()));
-        assets[asset.erc20()] = IAsset(address(0));
-        emit AssetUnregistered(asset.erc20(), asset);
+        _erc20s.remove(address(erc20));
+        assets[erc20] = IAsset(address(0));
+        emit AssetUnregistered(erc20, asset);
     }
 
     /// Return the Asset registered for erc20; revert if erc20 is not registered.
@@ -218,19 +228,23 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
     // checks: (asset.erc20() not in assets) or (assets[asset.erc20()] == asset)
     // effects: assets' = assets.set(asset.erc20(), asset)
     // returns: assets.erc20() not in assets
-    function _register(IAsset asset) internal returns (bool registered) {
+    function _register(IAsset asset, IERC20Metadata erc20) internal returns (bool registered) {
+        require(address(erc20) != address(main.rToken()), "cannot register RToken");
         require(
-            !_erc20s.contains(address(asset.erc20())) || assets[asset.erc20()] == asset,
+            !_erc20s.contains(address(erc20)) || assets[erc20] == asset,
             "duplicate ERC20 detected"
         );
 
-        registered = _registerIgnoringCollisions(asset);
+        registered = _registerIgnoringCollisions(asset, erc20);
     }
 
     /// Register an asset, unregistering any previous asset with the same ERC20.
     // effects: assets' = assets.set(asset.erc20(), asset)
     // returns: assets[asset.erc20()] != asset
-    function _registerIgnoringCollisions(IAsset asset) private returns (bool swapped) {
+    function _registerIgnoringCollisions(IAsset asset, IERC20Metadata erc20)
+        private
+        returns (bool swapped)
+    {
         if (asset.isCollateral()) {
             require(
                 ICollateral(address(asset)).status() == CollateralStatus.SOUND,
@@ -238,20 +252,17 @@ contract AssetRegistryP1 is ComponentP1, IAssetRegistry {
             );
         }
 
-        IERC20Metadata erc20 = asset.erc20();
-
-        if (address(erc20) != address(main.rToken())) {
-            AssetPluginRegistry assetPluginRegistry = main.assetPluginRegistry();
+        AssetPluginRegistry assetPluginRegistry = main.assetPluginRegistry();
 
-            if (address(assetPluginRegistry) != address(0)) {
-                require(
+        if (address(assetPluginRegistry) != address(0)) {
+            require(
+                address(erc20) == address(main.rToken()) ||
                     assetPluginRegistry.isValidAsset(
                         keccak256(abi.encodePacked(this.version())),
                         address(asset)
                     ),
-                    "unsupported asset"
-                );
-            }
+                "unsupported asset"
+            );
         }
 
         if (_erc20s.contains(address(erc20))) {
diff --git a/test/Upgradeability.test.ts b/test/Upgradeability.test.ts
index 34c6af81a..6dbacaab9 100644
--- a/test/Upgradeability.test.ts
+++ b/test/Upgradeability.test.ts
@@ -216,7 +216,7 @@ describeP1(`Upgradeability - P${IMPLEMENTATION}`, () => {
     it('Should deploy valid implementation - AssetRegistry', async () => {
       const newAssetRegistry: AssetRegistryP1 = <AssetRegistryP1>await upgrades.deployProxy(
         AssetRegistryFactory,
-        [main.address, [rsrAsset.address, rTokenAsset.address]],
+        [main.address, [rsrAsset.address]],
         {
           initializer: 'init',
           kind: 'uups',
@@ -226,7 +226,7 @@ describeP1(`Upgradeability - P${IMPLEMENTATION}`, () => {
       await newAssetRegistry.deployed()
 
       expect(await newAssetRegistry.isRegistered(rsr.address)).to.equal(true)
-      expect(await newAssetRegistry.isRegistered(rToken.address)).to.equal(true)
+      expect(await newAssetRegistry.isRegistered(rToken.address)).to.equal(false)
       expect(await newAssetRegistry.main()).to.equal(main.address)
     })