diff --git a/ui/hooks/bridge/useLatestBalance.tsx b/ui/hooks/bridge/useLatestBalance.tsx
new file mode 100644
index 000000000000..ead4a3405f6d
--- /dev/null
+++ b/ui/hooks/bridge/useLatestBalance.tsx
@@ -0,0 +1,59 @@
+import { useSelector } from 'react-redux';
+import { zeroAddress } from 'ethereumjs-util';
+import { Web3Provider } from '@ethersproject/providers';
+import { Hex } from '@metamask/utils';
+import { Numeric } from '../../../shared/modules/Numeric';
+import { DEFAULT_PRECISION } from '../useCurrencyDisplay';
+import { fetchTokenBalance } from '../../../shared/lib/token-util';
+import {
+  getCurrentChainId,
+  getSelectedInternalAccount,
+  SwapsEthToken,
+} from '../../selectors';
+import { SwapsTokenObject } from '../../../shared/constants/swaps';
+import { useAsyncResult } from '../useAsyncResult';
+
+/**
+ * Custom hook to fetch and format the latest balance of a given token or native asset.
+ *
+ * @param token - The token object for which the balance is to be fetched. Can be null.
+ * @param chainId - The chain ID to be used for fetching the balance. Optional.
+ * @returns An object containing the formatted balance as a string.
+ */
+const useLatestBalance = (
+  token: SwapsTokenObject | SwapsEthToken | null,
+  chainId?: Hex,
+) => {
+  const { address: selectedAddress } = useSelector(getSelectedInternalAccount);
+  const currentChainId = useSelector(getCurrentChainId);
+
+  const { value: latestBalance } = useAsyncResult<string>(async () => {
+    if (token && chainId && currentChainId === chainId) {
+      if (!token.address || token.address === zeroAddress()) {
+        const ethersProvider = new Web3Provider(global.ethereumProvider);
+        return (await ethersProvider.getBalance(selectedAddress)).toString();
+      }
+      return (
+        await fetchTokenBalance(
+          token.address,
+          selectedAddress,
+          global.ethereumProvider,
+        )
+      ).toString();
+    }
+    // TODO implement fetching balance on non-active chain
+    return;
+  }, [token, selectedAddress, global.ethereumProvider]);
+
+  return {
+    formattedBalance:
+      token && latestBalance
+        ? new Numeric(latestBalance, 10)
+            .shiftedBy(Number(token?.decimals) ?? 18)
+            .round(DEFAULT_PRECISION)
+            .toString()
+        : undefined,
+  };
+};
+
+export default useLatestBalance;
diff --git a/ui/pages/bridge/prepare/__snapshots__/prepare-bridge-page.test.tsx.snap b/ui/pages/bridge/prepare/__snapshots__/prepare-bridge-page.test.tsx.snap
index 9343ecf99701..03af05d50d09 100644
--- a/ui/pages/bridge/prepare/__snapshots__/prepare-bridge-page.test.tsx.snap
+++ b/ui/pages/bridge/prepare/__snapshots__/prepare-bridge-page.test.tsx.snap
@@ -99,9 +99,7 @@ exports[`PrepareBridgePage should render the component 1`] = `
           <p
             class="mm-box mm-text mm-text--body-md mm-box--color-text-default"
           >
-            Balance
-            : 
-            "0"
+             
           </p>
           <div
             class="mm-box currency-display-component mm-box--display-flex mm-box--flex-wrap-wrap mm-box--align-items-center"
@@ -184,9 +182,7 @@ exports[`PrepareBridgePage should render the component 1`] = `
           <p
             class="mm-box mm-text mm-text--body-md mm-box--color-text-default"
           >
-            Balance
-            : 
-            "0"
+             
           </p>
           <div
             class="mm-box currency-display-component mm-box--display-flex mm-box--flex-wrap-wrap mm-box--align-items-center"
diff --git a/ui/pages/bridge/prepare/bridge-input-group.tsx b/ui/pages/bridge/prepare/bridge-input-group.tsx
index 32ee541870bd..173580a917d4 100644
--- a/ui/pages/bridge/prepare/bridge-input-group.tsx
+++ b/ui/pages/bridge/prepare/bridge-input-group.tsx
@@ -26,6 +26,7 @@ import {
   CHAIN_ID_TO_CURRENCY_SYMBOL_MAP,
   CHAIN_ID_TOKEN_IMAGE_MAP,
 } from '../../../../shared/constants/network';
+import useLatestBalance from '../../../hooks/bridge/useLatestBalance';
 
 const generateAssetFromToken = (
   chainId: Hex,
@@ -91,7 +92,10 @@ export const BridgeInputGroup = ({
     true,
   );
 
-  const latestBalance = '0';
+  const { formattedBalance } = useLatestBalance(
+    token,
+    networkProps?.network?.chainId,
+  );
 
   return (
     <Box className={className}>
@@ -132,7 +136,7 @@ export const BridgeInputGroup = ({
       </Box>
       <Box className="prepare-bridge-page__amounts-row">
         <Text>
-          {t('balance')}: {JSON.stringify(latestBalance)}
+          {formattedBalance ? `${t('balance')}: ${formattedBalance}` : ' '}
         </Text>
         <CurrencyDisplay
           currency="usd"
diff --git a/ui/pages/bridge/prepare/prepare-bridge-page.test.tsx b/ui/pages/bridge/prepare/prepare-bridge-page.test.tsx
index f9db9b1213a7..8b6099eff709 100644
--- a/ui/pages/bridge/prepare/prepare-bridge-page.test.tsx
+++ b/ui/pages/bridge/prepare/prepare-bridge-page.test.tsx
@@ -3,9 +3,20 @@ import { renderWithProvider } from '../../../../test/jest';
 import configureStore from '../../../store/store';
 import { createBridgeMockStore } from '../../../../test/jest/mock-store';
 import { CHAIN_IDS } from '../../../../shared/constants/network';
+import { createTestProviderTools } from '../../../../test/stub/provider';
 import PrepareBridgePage from './prepare-bridge-page';
 
 describe('PrepareBridgePage', () => {
+  beforeAll(() => {
+    const { provider } = createTestProviderTools({
+      networkId: 'Ethereum',
+      chainId: CHAIN_IDS.MAINNET,
+    });
+
+    // eslint-disable-next-line @typescript-eslint/no-explicit-any
+    global.ethereumProvider = provider as any;
+  });
+
   it('should render the component', () => {
     const mockStore = createBridgeMockStore(
       {