diff --git a/baseapp/baseapp.go b/baseapp/baseapp.go
index 3cc88aa7dfc..927d90f0304 100644
--- a/baseapp/baseapp.go
+++ b/baseapp/baseapp.go
@@ -43,6 +43,8 @@ type (
 	// particular, if a module changed the substore key name (or removed a substore)
 	// between two versions of the software.
 	StoreLoader func(ms storetypes.CommitMultiStore) error
+
+	contextKeyT string
 )
 
 const (
@@ -54,6 +56,8 @@ const (
 	execModeVoteExtension                       // Extend or verify a pre-commit vote
 	execModeVerifyVoteExtension                 // Verify a vote extension
 	execModeFinalize                            // Finalize a block proposal
+
+	DoNotFailFastSendContextKey contextKeyT = "DoNotFailFast"
 )
 
 var _ servertypes.ABCI = (*BaseApp)(nil)
@@ -708,7 +712,7 @@ func (app *BaseApp) cacheTxContext(ctx sdk.Context, txBytes []byte) (sdk.Context
 
 func (app *BaseApp) preBlock(req *abci.RequestFinalizeBlock) error {
 	if app.preBlocker != nil {
-		ctx := app.finalizeBlockState.Context()
+		ctx := app.finalizeBlockState.Context().WithValue(DoNotFailFastSendContextKey, struct{}{})
 		rsp, err := app.preBlocker(ctx, req)
 		if err != nil {
 			return err
@@ -733,7 +737,8 @@ func (app *BaseApp) beginBlock(req *abci.RequestFinalizeBlock) (sdk.BeginBlock,
 	)
 
 	if app.beginBlocker != nil {
-		resp, err = app.beginBlocker(app.finalizeBlockState.Context())
+		ctx := app.finalizeBlockState.Context().WithValue(DoNotFailFastSendContextKey, struct{}{})
+		resp, err = app.beginBlocker(ctx)
 		if err != nil {
 			return resp, err
 		}
@@ -746,7 +751,6 @@ func (app *BaseApp) beginBlock(req *abci.RequestFinalizeBlock) (sdk.BeginBlock,
 			)
 		}
 
-		ctx := app.finalizeBlockState.ctx
 		app.AddStreamEvents(ctx.BlockHeight(), ctx.BlockTime(), resp.Events, true)
 
 		resp.Events = sdk.MarkEventsToIndex(resp.Events, app.indexEvents)
@@ -797,11 +801,12 @@ func (app *BaseApp) deliverTx(tx []byte) *abci.ExecTxResult {
 
 // endBlock is an application-defined function that is called after transactions
 // have been processed in FinalizeBlock.
-func (app *BaseApp) endBlock(ctx context.Context) (sdk.EndBlock, error) {
+func (app *BaseApp) endBlock(_ context.Context) (sdk.EndBlock, error) {
 	var endblock sdk.EndBlock
 
 	if app.endBlocker != nil {
-		eb, err := app.endBlocker(app.finalizeBlockState.Context())
+		ctx := app.finalizeBlockState.Context().WithValue(DoNotFailFastSendContextKey, struct{}{})
+		eb, err := app.endBlocker(ctx)
 		if err != nil {
 			return endblock, err
 		}
@@ -814,7 +819,6 @@ func (app *BaseApp) endBlock(ctx context.Context) (sdk.EndBlock, error) {
 			)
 		}
 
-		ctx := app.finalizeBlockState.ctx
 		app.AddStreamEvents(ctx.BlockHeight(), ctx.BlockTime(), eb.Events, true)
 
 		eb.Events = sdk.MarkEventsToIndex(eb.Events, app.indexEvents)
diff --git a/x/bank/keeper/send.go b/x/bank/keeper/send.go
index 3435c4c6bc7..d1ed4dea547 100644
--- a/x/bank/keeper/send.go
+++ b/x/bank/keeper/send.go
@@ -157,22 +157,23 @@ func (k BaseSendKeeper) InputOutputCoins(ctx context.Context, input types.Input,
 		return err
 	}
 
-	outAddresses := make([]sdk.AccAddress, len(outputs))
-	for i, out := range outputs {
+	for _, out := range outputs {
 		outAddress, err := k.ak.AddressCodec().StringToBytes(out.Address)
 		if err != nil {
 			return err
 		}
 
-		outAddresses[i], err = k.sendRestriction.apply(ctx, inAddress, outAddress, out.Coins)
-		if err != nil {
-			return err
-		}
-	}
+		for _, coin := range out.Coins {
+			newOutAddress, err := k.sendRestriction.apply(ctx, inAddress, outAddress, coin)
+			if err != nil {
+				return err
+			}
 
-	err = k.subUnlockedCoins(ctx, inAddress, input.Coins, true)
-	if err != nil {
-		return err
+			err = k.sendCoin(ctx, inAddress, newOutAddress, coin)
+			if err != nil {
+				return err
+			}
+		}
 	}
 
 	sdkCtx := sdk.UnwrapSDKContext(ctx)
@@ -183,30 +184,6 @@ func (k BaseSendKeeper) InputOutputCoins(ctx context.Context, input types.Input,
 		),
 	)
 
-	for i, out := range outputs {
-		if err := k.addCoins(ctx, outAddresses[i], out.Coins); err != nil {
-			return err
-		}
-
-		sdkCtx.EventManager().EmitEvent(
-			sdk.NewEvent(
-				types.EventTypeTransfer,
-				sdk.NewAttribute(types.AttributeKeyRecipient, outAddresses[i].String()),
-				sdk.NewAttribute(sdk.AttributeKeyAmount, out.Coins.String()),
-			),
-		)
-
-		// Create account if recipient does not exist.
-		//
-		// NOTE: This should ultimately be removed in favor a more flexible approach
-		// such as delegated fee messages.
-		accExists := k.ak.HasAccount(ctx, outAddresses[i])
-		if !accExists {
-			defer telemetry.IncrCounter(1, "new", "account")
-			k.ak.SetAccount(ctx, k.ak.NewAccountWithAddress(ctx, outAddresses[i]))
-		}
-	}
-
 	return nil
 }
 
@@ -217,17 +194,36 @@ func (k BaseSendKeeper) SendCoins(ctx context.Context, fromAddr, toAddr sdk.AccA
 		return err
 	}
 
-	toAddr, err := k.sendRestriction.apply(ctx, fromAddr, toAddr, amt)
-	if err != nil {
-		return err
+	for _, coin := range amt {
+		newToAddr, err := k.sendRestriction.apply(ctx, fromAddr, toAddr, coin)
+		if err != nil {
+			return err
+		}
+
+		err = k.sendCoin(ctx, fromAddr, newToAddr, coin)
+		if err != nil {
+			return err
+		}
 	}
 
-	err = k.subUnlockedCoins(ctx, fromAddr, amt, true)
+	sdkCtx := sdk.UnwrapSDKContext(ctx)
+	// bech32 encoding is expensive! Only do it once for fromAddr
+	fromAddrString := fromAddr.String()
+	sdkCtx.EventManager().EmitEvent(sdk.NewEvent(
+		sdk.EventTypeMessage,
+		sdk.NewAttribute(types.AttributeKeySender, fromAddrString),
+	))
+
+	return nil
+}
+
+func (k BaseSendKeeper) sendCoin(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coin) error {
+	err := k.subUnlockedCoins(ctx, fromAddr, sdk.NewCoins(amt), true) // only sub this coin
 	if err != nil {
 		return err
 	}
 
-	err = k.addCoins(ctx, toAddr, amt)
+	err = k.addCoins(ctx, toAddr, sdk.NewCoins(amt))
 	if err != nil {
 		return err
 	}
@@ -242,22 +238,15 @@ func (k BaseSendKeeper) SendCoins(ctx context.Context, fromAddr, toAddr sdk.AccA
 		k.ak.SetAccount(ctx, k.ak.NewAccountWithAddress(ctx, toAddr))
 	}
 
-	// bech32 encoding is expensive! Only do it once for fromAddr
-	fromAddrString := fromAddr.String()
 	sdkCtx := sdk.UnwrapSDKContext(ctx)
-	sdkCtx.EventManager().EmitEvents(sdk.Events{
+	sdkCtx.EventManager().EmitEvent(
 		sdk.NewEvent(
 			types.EventTypeTransfer,
 			sdk.NewAttribute(types.AttributeKeyRecipient, toAddr.String()),
-			sdk.NewAttribute(types.AttributeKeySender, fromAddrString),
+			sdk.NewAttribute(types.AttributeKeySender, fromAddr.String()),
 			sdk.NewAttribute(sdk.AttributeKeyAmount, amt.String()),
 		),
-		sdk.NewEvent(
-			sdk.EventTypeMessage,
-			sdk.NewAttribute(types.AttributeKeySender, fromAddrString),
-		),
-	})
-
+	)
 	return nil
 }
 
@@ -529,7 +518,7 @@ func (r *sendRestriction) clear() {
 var _ types.SendRestrictionFn = (*sendRestriction)(nil).apply
 
 // apply applies the send restriction if there is one. If not, it's a no-op.
-func (r *sendRestriction) apply(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coins) (sdk.AccAddress, error) {
+func (r *sendRestriction) apply(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coin) (sdk.AccAddress, error) {
 	if r == nil || r.fn == nil {
 		return toAddr, nil
 	}
diff --git a/x/bank/types/restrictions.go b/x/bank/types/restrictions.go
index 2ec4489a097..8cfd760d601 100644
--- a/x/bank/types/restrictions.go
+++ b/x/bank/types/restrictions.go
@@ -52,7 +52,7 @@ func ComposeMintingRestrictions(restrictions ...MintingRestrictionFn) MintingRes
 }
 
 // A SendRestrictionFn can restrict sends and/or provide a new receiver address.
-type SendRestrictionFn func(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coins) (newToAddr sdk.AccAddress, err error)
+type SendRestrictionFn func(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coin) (newToAddr sdk.AccAddress, err error)
 
 // IsOnePerModuleType implements the depinject.OnePerModuleType interface.
 func (SendRestrictionFn) IsOnePerModuleType() {}
@@ -60,7 +60,7 @@ func (SendRestrictionFn) IsOnePerModuleType() {}
 var _ SendRestrictionFn = NoOpSendRestrictionFn
 
 // NoOpSendRestrictionFn is a no-op SendRestrictionFn.
-func NoOpSendRestrictionFn(_ context.Context, _, toAddr sdk.AccAddress, _ sdk.Coins) (sdk.AccAddress, error) {
+func NoOpSendRestrictionFn(_ context.Context, _, toAddr sdk.AccAddress, _ sdk.Coin) (sdk.AccAddress, error) {
 	return toAddr, nil
 }
 
@@ -89,7 +89,7 @@ func ComposeSendRestrictions(restrictions ...SendRestrictionFn) SendRestrictionF
 	case 1:
 		return toRun[0]
 	}
-	return func(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coins) (sdk.AccAddress, error) {
+	return func(ctx context.Context, fromAddr, toAddr sdk.AccAddress, amt sdk.Coin) (sdk.AccAddress, error) {
 		var err error
 		for _, r := range toRun {
 			toAddr, err = r(ctx, fromAddr, toAddr, amt)
diff --git a/x/gov/abci.go b/x/gov/abci.go
index 56ab8641bd1..e21337f1829 100644
--- a/x/gov/abci.go
+++ b/x/gov/abci.go
@@ -158,7 +158,8 @@ func EndBlocker(ctx sdk.Context, keeper *keeper.Keeper) error {
 			// Messages may mutate state thus we use a cached context. If one of
 			// the handlers fails, no state mutation is written and the error
 			// message is logged.
-			cacheCtx, writeCache := ctx.CacheContext()
+			execCtx := ctx.WithValue(baseapp.DoNotFailFastSendContextKey, nil) // enable fail fast during msg handling
+			cacheCtx, writeCache := execCtx.CacheContext()
 			messages, err := proposal.GetMsgs()
 			if err != nil {
 				proposal.Status = v1.StatusFailed