diff --git a/src/proto_alpha/lib_protocol/alpha_context.mli b/src/proto_alpha/lib_protocol/alpha_context.mli
index 6fcfd1635a1c349e0f0b419aeaf9c2c2a33acc35..f1944074c462629e3d1f8eda2e3e865af6b3b035 100644
--- a/src/proto_alpha/lib_protocol/alpha_context.mli
+++ b/src/proto_alpha/lib_protocol/alpha_context.mli
@@ -4914,8 +4914,12 @@ end
 module Staking_pseudotokens : sig
   type t
 
+  val zero : t
+
   val min : t -> t -> t
 
+  val ( = ) : t -> t -> bool
+
   val frozen_deposits_pseudotokens_for_tez_amount :
     context -> public_key_hash -> Tez.t -> t tzresult Lwt.t
 
diff --git a/src/proto_alpha/lib_protocol/staking.ml b/src/proto_alpha/lib_protocol/staking.ml
index 11d901fa0ed2da96e78478aa681ba9771137f614..b3cc7e1a0bbe35d36f14732cccc4de02060cc50c 100644
--- a/src/proto_alpha/lib_protocol/staking.ml
+++ b/src/proto_alpha/lib_protocol/staking.ml
@@ -143,47 +143,59 @@ let stake ctxt ~sender ~delegate amount =
   in
   return (ctxt, stake_balance_updates @ finalize_balance_updates)
 
+let record_request_unstake ctxt ~sender_contract ~delegate requested_amount =
+  let open Lwt_result_syntax in
+  if Tez.(requested_amount = zero) then return (ctxt, [])
+  else
+    let* requested_pseudotokens =
+      Staking_pseudotokens.frozen_deposits_pseudotokens_for_tez_amount
+        ctxt
+        delegate
+        requested_amount
+    in
+    let* available_pseudotokens =
+      Staking_pseudotokens.costaking_pseudotokens_balance ctxt sender_contract
+    in
+    let pseudotokens_to_unstake =
+      Staking_pseudotokens.min requested_pseudotokens available_pseudotokens
+    in
+    if Staking_pseudotokens.(pseudotokens_to_unstake = zero) then
+      return (ctxt, [])
+    else
+      let* ctxt, tez_to_unstake =
+        Staking_pseudotokens.debit_frozen_deposits_pseudotokens
+          ctxt
+          delegate
+          pseudotokens_to_unstake
+      in
+      let* ctxt =
+        Staking_pseudotokens.debit_costaking_pseudotokens
+          ctxt
+          sender_contract
+          pseudotokens_to_unstake
+      in
+      let current_cycle = (Level.current ctxt).cycle in
+      let* ctxt, balance_updates =
+        Token.transfer
+          ctxt
+          (`Frozen_deposits delegate)
+          (`Unstaked_frozen_deposits (delegate, current_cycle))
+          tez_to_unstake
+      in
+      let+ ctxt =
+        Unstake_requests.add
+          ctxt
+          ~contract:sender_contract
+          ~delegate
+          current_cycle
+          tez_to_unstake
+      in
+      (ctxt, balance_updates)
+
 let request_unstake ctxt ~sender_contract ~delegate requested_amount =
   let open Lwt_result_syntax in
   let* ctxt, finalize_balance_updates = finalize_unstake ctxt sender_contract in
-  let* requested_pseudotokens =
-    Staking_pseudotokens.frozen_deposits_pseudotokens_for_tez_amount
-      ctxt
-      delegate
-      requested_amount
-  in
-  let* available_pseudotokens =
-    Staking_pseudotokens.costaking_pseudotokens_balance ctxt sender_contract
-  in
-  let pseudotokens_to_unstake =
-    Staking_pseudotokens.min requested_pseudotokens available_pseudotokens
-  in
-  let* ctxt, tez_to_unstake =
-    Staking_pseudotokens.debit_frozen_deposits_pseudotokens
-      ctxt
-      delegate
-      pseudotokens_to_unstake
-  in
-  let* ctxt =
-    Staking_pseudotokens.debit_costaking_pseudotokens
-      ctxt
-      sender_contract
-      pseudotokens_to_unstake
-  in
-  let current_cycle = (Level.current ctxt).cycle in
-  let* ctxt, unstake_balance_updates =
-    Token.transfer
-      ctxt
-      (`Frozen_deposits delegate)
-      (`Unstaked_frozen_deposits (delegate, current_cycle))
-      tez_to_unstake
-  in
-  let+ ctxt =
-    Unstake_requests.add
-      ctxt
-      ~contract:sender_contract
-      ~delegate
-      current_cycle
-      tez_to_unstake
+  let+ ctxt, unstake_balance_updates =
+    record_request_unstake ctxt ~sender_contract ~delegate requested_amount
   in
   (ctxt, unstake_balance_updates @ finalize_balance_updates)
diff --git a/src/proto_alpha/lib_protocol/staking_pseudotokens_storage.ml b/src/proto_alpha/lib_protocol/staking_pseudotokens_storage.ml
index 7439e943ce1abbd33657812ae50f12464980e9c0..20ecf2b6804357421dd759aa4184d6241e7a4025 100644
--- a/src/proto_alpha/lib_protocol/staking_pseudotokens_storage.ml
+++ b/src/proto_alpha/lib_protocol/staking_pseudotokens_storage.ml
@@ -93,21 +93,27 @@ let pseudotokens_of ~frozen_deposits_pseudotokens ~frozen_deposits_tez
 
 let tez_of ~frozen_deposits_pseudotokens ~frozen_deposits_tez
     ~pseudotoken_amount =
-  let frozen_deposits_tez_z =
-    Z.of_int64 (Tez_repr.to_mutez frozen_deposits_tez)
-  in
-  let frozen_deposits_pseudotokens_z =
-    Z.of_int64 (Staking_pseudotoken_repr.to_int64 frozen_deposits_pseudotokens)
-  in
-  let pseudotoken_amount_z =
-    Z.of_int64 (Staking_pseudotoken_repr.to_int64 pseudotoken_amount)
-  in
-  let res_z =
-    Z.div
-      (Z.mul frozen_deposits_tez_z pseudotoken_amount_z)
-      frozen_deposits_pseudotokens_z
-  in
-  Tez_repr.of_mutez_exn (Z.to_int64 res_z)
+  if Staking_pseudotoken_repr.(frozen_deposits_pseudotokens = zero) then (
+    (* When there are no frozen deposits, starts with 1 mutez = 1 pseudotoken. *)
+    assert (Tez_repr.(frozen_deposits_tez = zero)) ;
+    Tez_repr.of_mutez_exn (Staking_pseudotoken_repr.to_int64 pseudotoken_amount))
+  else
+    let frozen_deposits_tez_z =
+      Z.of_int64 (Tez_repr.to_mutez frozen_deposits_tez)
+    in
+    let frozen_deposits_pseudotokens_z =
+      Z.of_int64
+        (Staking_pseudotoken_repr.to_int64 frozen_deposits_pseudotokens)
+    in
+    let pseudotoken_amount_z =
+      Z.of_int64 (Staking_pseudotoken_repr.to_int64 pseudotoken_amount)
+    in
+    let res_z =
+      Z.div
+        (Z.mul frozen_deposits_tez_z pseudotoken_amount_z)
+        frozen_deposits_pseudotokens_z
+    in
+    Tez_repr.of_mutez_exn (Z.to_int64 res_z)
 
 let frozen_deposits_pseudotokens_for_tez_amount ctxt delegate tez_amount =
   let open Lwt_result_syntax in
@@ -115,10 +121,19 @@ let frozen_deposits_pseudotokens_for_tez_amount ctxt delegate tez_amount =
   let* {current_amount = frozen_deposits_tez; initial_amount = _} =
     Frozen_deposits_storage.get ctxt contract
   in
-  let+ frozen_deposits_pseudotokens =
-    Storage.Contract.Frozen_deposits_pseudotokens.get ctxt contract
-  in
-  pseudotokens_of ~frozen_deposits_pseudotokens ~frozen_deposits_tez ~tez_amount
+  if Tez_repr.(frozen_deposits_tez = zero) then
+    (* [Frozen_deposits_pseudotokens] may not be initialized when there are no
+       frozen deposits tez. This may happen when a new delegate is registered. *)
+    return
+      Staking_pseudotoken_repr.(of_int64_exn (Tez_repr.to_mutez tez_amount))
+  else
+    let+ frozen_deposits_pseudotokens =
+      Storage.Contract.Frozen_deposits_pseudotokens.get ctxt contract
+    in
+    pseudotokens_of
+      ~frozen_deposits_pseudotokens
+      ~frozen_deposits_tez
+      ~tez_amount
 
 let update_frozen_deposits_pseudotokens ~f ctxt delegate =
   let open Lwt_result_syntax in
@@ -142,38 +157,44 @@ let update_frozen_deposits_pseudotokens ~f ctxt delegate =
 
 let credit_frozen_deposits_pseudotokens_for_tez_amount ctxt delegate tez_amount
     =
-  let f ~frozen_deposits_pseudotokens ~frozen_deposits_tez =
-    let open Result_syntax in
-    let pseudotokens_to_add =
-      pseudotokens_of
-        ~frozen_deposits_pseudotokens
-        ~frozen_deposits_tez
-        ~tez_amount
-    in
-    let+ new_pseudotokens_balance =
-      Staking_pseudotoken_repr.(
-        pseudotokens_to_add +? frozen_deposits_pseudotokens)
+  if Tez_repr.(tez_amount = zero) then
+    return (ctxt, Staking_pseudotoken_repr.zero)
+  else
+    let f ~frozen_deposits_pseudotokens ~frozen_deposits_tez =
+      let open Result_syntax in
+      let pseudotokens_to_add =
+        pseudotokens_of
+          ~frozen_deposits_pseudotokens
+          ~frozen_deposits_tez
+          ~tez_amount
+      in
+      let+ new_pseudotokens_balance =
+        Staking_pseudotoken_repr.(
+          pseudotokens_to_add +? frozen_deposits_pseudotokens)
+      in
+      (new_pseudotokens_balance, pseudotokens_to_add)
     in
-    (new_pseudotokens_balance, pseudotokens_to_add)
-  in
-  update_frozen_deposits_pseudotokens ~f ctxt delegate
+    update_frozen_deposits_pseudotokens ~f ctxt delegate
 
 let debit_frozen_deposits_pseudotokens ctxt delegate pseudotoken_amount =
-  let f ~frozen_deposits_pseudotokens ~frozen_deposits_tez =
-    let open Result_syntax in
-    let+ new_pseudotokens_balance =
-      Staking_pseudotoken_repr.(
-        frozen_deposits_pseudotokens -? pseudotoken_amount)
-    in
-    let tez_amount =
-      tez_of
-        ~frozen_deposits_pseudotokens
-        ~frozen_deposits_tez
-        ~pseudotoken_amount
+  if Staking_pseudotoken_repr.(pseudotoken_amount = zero) then
+    return (ctxt, Tez_repr.zero)
+  else
+    let f ~frozen_deposits_pseudotokens ~frozen_deposits_tez =
+      let open Result_syntax in
+      let+ new_pseudotokens_balance =
+        Staking_pseudotoken_repr.(
+          frozen_deposits_pseudotokens -? pseudotoken_amount)
+      in
+      let tez_amount =
+        tez_of
+          ~frozen_deposits_pseudotokens
+          ~frozen_deposits_tez
+          ~pseudotoken_amount
+      in
+      (new_pseudotokens_balance, tez_amount)
     in
-    (new_pseudotokens_balance, tez_amount)
-  in
-  update_frozen_deposits_pseudotokens ~f ctxt delegate
+    update_frozen_deposits_pseudotokens ~f ctxt delegate
 
 let costaking_pseudotokens_balance ctxt contract =
   let open Lwt_result_syntax in