diff --git a/x/hard/genesis_test.go b/x/hard/genesis_test.go
new file mode 100644
index 00000000..9001bdc0
--- /dev/null
+++ b/x/hard/genesis_test.go
@@ -0,0 +1,183 @@
+package hard_test
+
+import (
+	"fmt"
+	"testing"
+	"time"
+
+	"github.com/stretchr/testify/suite"
+
+	sdk "github.com/cosmos/cosmos-sdk/types"
+	abci "github.com/tendermint/tendermint/abci/types"
+	tmtime "github.com/tendermint/tendermint/types/time"
+
+	"github.com/kava-labs/kava/app"
+	"github.com/kava-labs/kava/x/hard"
+)
+
+type GenesisTestSuite struct {
+	suite.Suite
+
+	app     app.TestApp
+	genTime time.Time
+	ctx     sdk.Context
+	keeper  hard.Keeper
+	addrs   []sdk.AccAddress
+}
+
+func (suite *GenesisTestSuite) SetupTest() {
+	tApp := app.NewTestApp()
+	suite.genTime = tmtime.Canonical(time.Date(2021, 1, 1, 1, 1, 1, 1, time.UTC))
+	suite.ctx = tApp.NewContext(true, abci.Header{Height: 1, Time: suite.genTime})
+	suite.keeper = tApp.GetHardKeeper()
+	suite.app = tApp
+
+	_, addrs := app.GeneratePrivKeyAddressPairs(3)
+	suite.addrs = addrs
+}
+
+func (suite *GenesisTestSuite) Test_InitExportGenesis() {
+
+	loanToValue, _ := sdk.NewDecFromStr("0.6")
+	params := hard.NewParams(
+		hard.MoneyMarkets{
+			hard.NewMoneyMarket("ukava", hard.NewBorrowLimit(false, sdk.NewDec(1e15), loanToValue), "kava:usd", sdk.NewInt(1e6), hard.NewInterestRateModel(sdk.MustNewDecFromStr("0.05"), sdk.MustNewDecFromStr("2"), sdk.MustNewDecFromStr("0.8"), sdk.MustNewDecFromStr("10")), sdk.MustNewDecFromStr("0.05"), sdk.ZeroDec()),
+		},
+		sdk.NewDec(10),
+	)
+
+	deposits := hard.Deposits{
+		hard.NewDeposit(
+			suite.addrs[0],
+			sdk.NewCoins(sdk.NewCoin("ukava", sdk.NewInt(1e8))), // 100 ukava
+			hard.SupplyInterestFactors{
+				{
+					Denom: "ukava",
+					Value: sdk.NewDec(1),
+				},
+			},
+		),
+	}
+
+	var totalSupplied sdk.Coins
+	for _, deposit := range deposits {
+		totalSupplied = totalSupplied.Add(deposit.Amount...)
+	}
+
+	borrows := hard.Borrows{
+		hard.NewBorrow(
+			suite.addrs[1],
+			sdk.NewCoins(sdk.NewCoin("ukava", sdk.NewInt(1e7))), // 10 ukava
+			hard.BorrowInterestFactors{
+				{
+					Denom: "ukava",
+					Value: sdk.NewDec(1),
+				},
+			},
+		),
+	}
+
+	var totalBorrowed sdk.Coins
+	for _, borrow := range borrows {
+		totalBorrowed = totalBorrowed.Add(borrow.Amount...)
+	}
+
+	supplyInterestFactor := sdk.MustNewDecFromStr("1.0001")
+	borrowInterestFactor := sdk.MustNewDecFromStr("1.1234")
+	accuralTimes := hard.GenesisAccumulationTimes{
+		hard.NewGenesisAccumulationTime("ukava", suite.genTime, supplyInterestFactor, borrowInterestFactor),
+	}
+
+	hardGenesis := hard.NewGenesisState(
+		params,
+		accuralTimes,
+		deposits,
+		borrows,
+		totalSupplied,
+		totalBorrowed,
+		nil,
+	)
+
+	suite.NotPanics(
+		func() {
+			suite.app.InitializeFromGenesisStatesWithTime(
+				suite.genTime,
+				app.GenesisState{hard.ModuleName: hard.ModuleCdc.MustMarshalJSON(hardGenesis)},
+			)
+		},
+	)
+
+	var expectedDeposits hard.Deposits
+	for _, deposit := range deposits {
+		// Deposit coin amounts
+		var depositAmount sdk.Coins
+		for _, coin := range deposit.Amount {
+			accrualTime, found := getGenesisAccumulationTime(coin.Denom, accuralTimes)
+			if !found {
+				panic(fmt.Sprintf("accrual time not found %s", coin.Denom))
+			}
+			expectedAmt := accrualTime.SupplyInterestFactor.MulInt(coin.Amount).RoundInt()
+			depositAmount = depositAmount.Add(sdk.NewCoin(coin.Denom, expectedAmt))
+		}
+		deposit.Amount = depositAmount
+		// Deposit interest factor indexes
+		var indexes hard.SupplyInterestFactors
+		for _, index := range deposit.Index {
+			accrualTime, found := getGenesisAccumulationTime(index.Denom, accuralTimes)
+			if !found {
+				panic(fmt.Sprintf("accrual time not found %s", index.Denom))
+			}
+			index.Value = accrualTime.SupplyInterestFactor
+			indexes = append(indexes, index)
+		}
+		deposit.Index = indexes
+		expectedDeposits = append(expectedDeposits, deposit)
+	}
+
+	var expectedBorrows hard.Borrows
+	for _, borrow := range borrows {
+		// Borrow coin amounts
+		var borrowAmount sdk.Coins
+		for _, coin := range borrow.Amount {
+			accrualTime, found := getGenesisAccumulationTime(coin.Denom, accuralTimes)
+			if !found {
+				panic(fmt.Sprintf("accrual time not found %s", coin.Denom))
+			}
+			expectedAmt := accrualTime.BorrowInterestFactor.MulInt(coin.Amount).RoundInt()
+			borrowAmount = borrowAmount.Add(sdk.NewCoin(coin.Denom, expectedAmt))
+
+		}
+		borrow.Amount = borrowAmount
+		// Borrow interest factor indexes
+		var indexes hard.BorrowInterestFactors
+		for _, index := range borrow.Index {
+			accrualTime, found := getGenesisAccumulationTime(index.Denom, accuralTimes)
+			if !found {
+				panic(fmt.Sprintf("accrual time not found %s", index.Denom))
+			}
+			index.Value = accrualTime.BorrowInterestFactor
+			indexes = append(indexes, index)
+		}
+		borrow.Index = indexes
+		expectedBorrows = append(expectedBorrows, borrow)
+	}
+
+	expectedGenesis := hardGenesis
+	expectedGenesis.Deposits = expectedDeposits
+	expectedGenesis.Borrows = expectedBorrows
+	exportedGenesis := hard.ExportGenesis(suite.ctx, suite.keeper)
+	suite.Equal(expectedGenesis, exportedGenesis)
+}
+
+func getGenesisAccumulationTime(denom string, ts hard.GenesisAccumulationTimes) (hard.GenesisAccumulationTime, bool) {
+	for _, t := range ts {
+		if t.CollateralType == denom {
+			return t, true
+		}
+	}
+	return hard.GenesisAccumulationTime{}, false
+}
+
+func TestGenesisTestSuite(t *testing.T) {
+	suite.Run(t, new(GenesisTestSuite))
+}