diff --git a/db/migrations/1_currency_as_asset.sql b/db/migrations/1_currency_as_asset.sql
new file mode 100644
index 00000000..946dfe39
--- /dev/null
+++ b/db/migrations/1_currency_as_asset.sql
@@ -0,0 +1,37 @@
+-- rename the column currency to currency_id
+DO $$ 
+BEGIN
+    IF EXISTS (
+        SELECT 1 
+        FROM pg_attribute 
+        WHERE attname = 'currency' 
+          AND attrelid = (
+              SELECT oid 
+              FROM pg_class 
+              WHERE relname = 'distributions'
+          )
+    ) THEN
+        EXECUTE 'ALTER TABLE distributions RENAME COLUMN currency TO currency_id';
+        EXECUTE 'CREATE INDEX "0xfa49555fd3055365" ON distributions USING GIST (currency_id, _block_range)';
+    END IF;
+END $$;
+
+-- first update distribution currency to the one as received from events (either ticker or asset ID) 
+update 
+  distributions d
+set 
+  currency_id = e.corporate_action_ticker
+from 
+  events e 
+where e.block_id = d.created_block_id
+  and e.module_id = 'capitaldistribution'
+  and e.event_id = 'Created';
+
+-- then update the distribution currency to asset_id value from the assets table
+update 
+  distributions d
+set 
+  currency_id = a.id
+from 
+  assets a
+where a.ticker = d.currency_id;
\ No newline at end of file
diff --git a/package.json b/package.json
index 97fac597..7f09d2c3 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "polymesh-subquery",
-  "version": "16.1.0",
+  "version": "17.0.0",
   "author": "Polymesh Association",
   "license": "Apache-2.0",
   "description": "A Polymesh Chain Indexer, providing a GraphQL interface",
diff --git a/schema.graphql b/schema.graphql
index 10027302..902f60df 100644
--- a/schema.graphql
+++ b/schema.graphql
@@ -2037,7 +2037,7 @@ type Distribution @entity {
   localId: Int! @index(unique: false)
   asset: Asset! @index(unique: false)
   portfolio: Portfolio!
-  currency: String!
+  currency: Asset!
   perShare: BigInt!
   amount: BigInt!
   remaining: BigInt!
diff --git a/src/mappings/entities/assets/mapCorporateActions.ts b/src/mappings/entities/assets/mapCorporateActions.ts
index 46408ce5..b4e0d087 100644
--- a/src/mappings/entities/assets/mapCorporateActions.ts
+++ b/src/mappings/entities/assets/mapCorporateActions.ts
@@ -8,7 +8,7 @@ export const handleDistributionCreated = async (event: SubstrateEvent): Promise<
   const [rawDid, rawCaId, rawDistribution] = params;
 
   const { localId, assetId } = await getCaIdValue(rawCaId, block);
-  const distributionDetails = getDistributionValue(rawDistribution);
+  const distributionDetails = await getDistributionValue(rawDistribution, block);
 
   await Distribution.create({
     id: `${assetId}/${localId}`,
diff --git a/src/utils/distributions.ts b/src/utils/distributions.ts
index a62f1281..55b49576 100644
--- a/src/utils/distributions.ts
+++ b/src/utils/distributions.ts
@@ -1,19 +1,24 @@
 import { Codec } from '@polkadot/types/types';
-import { END_OF_TIME, extractBigInt, getBigIntValue, hexToString } from './common';
-import { meshPortfolioToPortfolio } from './portfolios';
+import { SubstrateBlock } from '@subql/types';
 import { Distribution } from 'src/types';
+import { getAssetId } from './assets';
+import { END_OF_TIME, extractBigInt, getBigIntValue } from './common';
+import { meshPortfolioToPortfolio } from './portfolios';
 
-export const getDistributionValue = (
-  item: Codec
-): Pick<
-  Distribution,
-  'portfolioId' | 'currency' | 'perShare' | 'amount' | 'remaining' | 'paymentAt' | 'expiresAt'
+export const getDistributionValue = async (
+  item: Codec,
+  block: SubstrateBlock
+): Promise<
+  Pick<
+    Distribution,
+    'portfolioId' | 'currencyId' | 'perShare' | 'amount' | 'remaining' | 'paymentAt' | 'expiresAt'
+  >
 > => {
   const { from, currency, amount, remaining, ...rest } = JSON.parse(item.toString());
   const { identityId, number } = meshPortfolioToPortfolio(from);
   return {
     portfolioId: `${identityId}/${number}`,
-    currency: hexToString(currency),
+    currencyId: await getAssetId(currency, block),
     perShare: BigInt(extractBigInt(rest, 'per_share') || 0),
     amount: getBigIntValue(amount),
     remaining: getBigIntValue(remaining),