diff --git a/ui/components/ui/icon-border/icon-border.scss b/ui/components/ui/icon-border/icon-border.scss
index 5028617e6..1ac7e3a4b 100644
--- a/ui/components/ui/icon-border/icon-border.scss
+++ b/ui/components/ui/icon-border/icon-border.scss
@@ -1,8 +1,9 @@
 .icon-border {
   border-radius: 50%;
-  border: 1px solid #f2f3f4;
-  background: #ececf0;
+  border: 1px solid $ui-1;
+  background: $ui-1;
   display: flex;
   justify-content: center;
   align-items: center;
+  overflow: hidden;
 }
diff --git a/ui/components/ui/icon-with-fallback/README.mdx b/ui/components/ui/icon-with-fallback/README.mdx
new file mode 100644
index 000000000..10ce346a1
--- /dev/null
+++ b/ui/components/ui/icon-with-fallback/README.mdx
@@ -0,0 +1,27 @@
+import { Story, Canvas, ArgsTable } from '@storybook/addon-docs';
+
+import IconWithFallback from '.';
+
+# IconWithFallback
+
+Icon component that takes an image src and uses `onError` to fallback to the first letter of the icon `name`
+
+<Canvas>
+  <Story id="ui-components-ui-icon-with-fallback-icon-with-fallback-stories-js--default-story" />
+</Canvas>
+
+## Component API
+
+<ArgsTable of={IconWithFallback} />
+
+## Usage
+
+The following describes the props and example usage for this component.
+
+### Fallback
+
+If the image src errors `onError` the image tag will be replace with a span and the first letter of the `name` prop
+
+<Canvas>
+  <Story id="ui-components-ui-icon-with-fallback-icon-with-fallback-stories-js--fallback" />
+</Canvas>
diff --git a/ui/components/ui/icon-with-fallback/icon-with-fallback.component.js b/ui/components/ui/icon-with-fallback/icon-with-fallback.component.js
index fec573cd0..62c1ba69f 100644
--- a/ui/components/ui/icon-with-fallback/icon-with-fallback.component.js
+++ b/ui/components/ui/icon-with-fallback/icon-with-fallback.component.js
@@ -1,46 +1,61 @@
-import React, { PureComponent } from 'react';
+import React, { useState } from 'react';
 import PropTypes from 'prop-types';
 import classnames from 'classnames';
 
-export default class IconWithFallback extends PureComponent {
-  static propTypes = {
-    icon: PropTypes.string,
-    name: PropTypes.string,
-    size: PropTypes.number,
-    className: PropTypes.string,
-    fallbackClassName: PropTypes.string,
+const IconWithFallback = ({
+  name = '',
+  icon = null,
+  size,
+  className,
+  fallbackClassName,
+  ...props
+}) => {
+  const [iconError, setIconError] = useState(false);
+  const style = size ? { height: `${size}px`, width: `${size}px` } : {};
+
+  const handleOnError = () => {
+    setIconError(true);
   };
 
-  static defaultProps = {
-    name: '',
-    icon: null,
-  };
+  return !iconError && icon ? (
+    <img
+      onError={handleOnError}
+      src={icon}
+      style={style}
+      className={className}
+      alt={name.length ? name : 'icon'}
+      {...props}
+    />
+  ) : (
+    <span
+      className={classnames('icon-with-fallback__fallback', fallbackClassName)}
+    >
+      {name.length ? name.charAt(0).toUpperCase() : ''}
+    </span>
+  );
+};
 
-  state = {
-    iconError: false,
-  };
+IconWithFallback.propTypes = {
+  /**
+   * The img src of the icon
+   */
+  icon: PropTypes.string,
+  /**
+   * The name of the icon also used for the alt attribute of the image
+   */
+  name: PropTypes.string,
+  /**
+   * The size of the icon. Recommended sizes adhere to 8px grid: 16, 24, 32, 40
+   */
+  size: PropTypes.number,
+  /**
+   * className to apply to the image tag
+   */
+  className: PropTypes.string,
+  /**
+   * Additional className to apply to the fallback span tag
+   */
+  fallbackClassName: PropTypes.string,
+};
 
-  render() {
-    const { icon, name, size, className, fallbackClassName } = this.props;
-    const style = size ? { height: `${size}px`, width: `${size}px` } : {};
-
-    return !this.state.iconError && icon ? (
-      <img
-        onError={() => this.setState({ iconError: true })}
-        src={icon}
-        style={style}
-        className={className}
-        alt=""
-      />
-    ) : (
-      <i
-        className={classnames(
-          'icon-with-fallback__fallback',
-          fallbackClassName,
-        )}
-      >
-        {name.length ? name.charAt(0).toUpperCase() : ''}
-      </i>
-    );
-  }
-}
+export default IconWithFallback;
diff --git a/ui/components/ui/icon-with-fallback/icon-with-fallback.scss b/ui/components/ui/icon-with-fallback/icon-with-fallback.scss
index a0cb7cd42..c31671677 100644
--- a/ui/components/ui/icon-with-fallback/icon-with-fallback.scss
+++ b/ui/components/ui/icon-with-fallback/icon-with-fallback.scss
@@ -1,5 +1,5 @@
 .icon-with-fallback {
   &__fallback {
-    color: black;
+    color: $ui-black;
   }
 }
diff --git a/ui/components/ui/icon-with-fallback/icon-with-fallback.stories.js b/ui/components/ui/icon-with-fallback/icon-with-fallback.stories.js
new file mode 100644
index 000000000..aa6087ec0
--- /dev/null
+++ b/ui/components/ui/icon-with-fallback/icon-with-fallback.stories.js
@@ -0,0 +1,49 @@
+import React from 'react';
+
+import README from './README.mdx';
+import IconWithFallback from '.';
+
+export default {
+  title: 'Components/UI/IconWithFallback',
+  id: __filename,
+  component: IconWithFallback,
+  parameters: {
+    docs: {
+      page: README,
+    },
+  },
+  argTypes: {
+    icon: {
+      control: 'text',
+    },
+    name: {
+      control: 'text',
+    },
+    size: {
+      control: 'number',
+    },
+    className: {
+      control: 'text',
+    },
+    fallbackClassName: {
+      control: 'text',
+    },
+  },
+};
+
+export const DefaultStory = (args) => <IconWithFallback {...args} />;
+
+DefaultStory.storyName = 'Default';
+
+DefaultStory.args = {
+  name: 'ast',
+  icon: './AST.png',
+  size: 24,
+};
+
+export const Fallback = (args) => <IconWithFallback {...args} />;
+
+Fallback.args = {
+  name: 'ast',
+  size: 24,
+};
diff --git a/ui/components/ui/icon-with-fallback/icon-with-fallback.test.js b/ui/components/ui/icon-with-fallback/icon-with-fallback.test.js
new file mode 100644
index 000000000..5cff033cb
--- /dev/null
+++ b/ui/components/ui/icon-with-fallback/icon-with-fallback.test.js
@@ -0,0 +1,39 @@
+import * as React from 'react';
+import { render } from '@testing-library/react';
+import IconWithFallback from '.';
+
+describe('IconWithFallback', () => {
+  const args = {
+    name: 'Snap name',
+    icon: './AST.png',
+    className: 'classname-test',
+    fallbackClassName: 'fallback-classname-test',
+  };
+
+  it('should render without crashing', () => {
+    const { container } = render(<IconWithFallback />);
+    expect(container.querySelector('span')).toBeDefined();
+  });
+
+  it('should render an icon image', () => {
+    const { getByAltText } = render(<IconWithFallback {...args} />);
+    const image = getByAltText(args.name);
+    expect(image).toBeDefined();
+    expect(image).toHaveAttribute('src', args.icon);
+  });
+
+  it('should render with a fallback letter from the name prop', () => {
+    const { getByText } = render(<IconWithFallback {...args} icon="" />);
+    expect(getByText('S')).toBeDefined();
+  });
+
+  it('should render with a classname', () => {
+    const { getByAltText } = render(<IconWithFallback {...args} />);
+    expect(getByAltText(args.name)).toHaveClass(args.className);
+  });
+
+  it('should render with a fallback classname', () => {
+    const { getByText } = render(<IconWithFallback {...args} icon="" />);
+    expect(getByText('S')).toHaveClass(args.fallbackClassName);
+  });
+});
diff --git a/ui/components/ui/site-icon/README.mdx b/ui/components/ui/site-icon/README.mdx
new file mode 100644
index 000000000..6ef847958
--- /dev/null
+++ b/ui/components/ui/site-icon/README.mdx
@@ -0,0 +1,27 @@
+import { Story, Canvas, ArgsTable } from '@storybook/addon-docs';
+
+import SiteIcon from '.';
+
+# SiteIcon
+
+SiteIcon uses the `IconBorder` and `IconWithFallback` components to create an icon within a gray ellipse
+
+<Canvas>
+  <Story id="ui-components-ui-site-icon-site-icon-stories-js--default-story" />
+</Canvas>
+
+## Component API
+
+<ArgsTable of={SiteIcon} />
+
+## Usage
+
+The following describes the props and example usage for this component.
+
+### Fallback
+
+`SiteIcon` wraps the `IconWithFallback` component which has a fallback `onError` and will display the first letter of the `name` prop
+
+<Canvas>
+  <Story id="ui-components-ui-site-icon-site-icon-stories-js--fallback" />
+</Canvas>
diff --git a/ui/components/ui/site-icon/site-icon.js b/ui/components/ui/site-icon/site-icon.js
index 4101b7b30..f165ff311 100644
--- a/ui/components/ui/site-icon/site-icon.js
+++ b/ui/components/ui/site-icon/site-icon.js
@@ -3,7 +3,7 @@ import PropTypes from 'prop-types';
 import IconBorder from '../icon-border';
 import IconWithFallback from '../icon-with-fallback';
 
-export default function SiteIcon({ icon, name, size }) {
+export default function SiteIcon({ icon = null, name = '', size }) {
   const iconSize = Math.floor(size * 0.75);
   return (
     <IconBorder size={size}>
@@ -13,12 +13,19 @@ export default function SiteIcon({ icon, name, size }) {
 }
 
 SiteIcon.propTypes = {
+  /**
+   * The img src of the icon.
+   * Used in IconWithFallback
+   */
   icon: PropTypes.string,
+  /**
+   * The name of the icon also used for the alt tag of the image and fallback letter.
+   * Used in IconWithFallback
+   */
   name: PropTypes.string,
+  /**
+   * The size of the icon.
+   * Used in IconWithFallback
+   */
   size: PropTypes.number.isRequired,
 };
-
-SiteIcon.defaultProps = {
-  icon: undefined,
-  name: undefined,
-};
diff --git a/ui/components/ui/site-icon/site-icon.stories.js b/ui/components/ui/site-icon/site-icon.stories.js
new file mode 100644
index 000000000..8d0bdba71
--- /dev/null
+++ b/ui/components/ui/site-icon/site-icon.stories.js
@@ -0,0 +1,43 @@
+import React from 'react';
+
+import README from './README.mdx';
+import SiteIcon from '.';
+
+export default {
+  title: 'Components/UI/SiteIcon',
+  id: __filename,
+  component: SiteIcon,
+  parameters: {
+    docs: {
+      page: README,
+    },
+  },
+  argTypes: {
+    icon: {
+      control: 'text',
+    },
+    name: {
+      control: 'text',
+    },
+    size: {
+      control: 'number',
+    },
+  },
+};
+
+export const DefaultStory = (args) => <SiteIcon {...args} />;
+
+DefaultStory.storyName = 'Default';
+
+DefaultStory.args = {
+  name: 'eth',
+  icon: './images/eth_logo.svg',
+  size: 24,
+};
+
+export const Fallback = (args) => <SiteIcon {...args} />;
+
+Fallback.args = {
+  name: 'eth',
+  size: 24,
+};
diff --git a/ui/components/ui/site-icon/site-icon.test.js b/ui/components/ui/site-icon/site-icon.test.js
new file mode 100644
index 000000000..5c4efa156
--- /dev/null
+++ b/ui/components/ui/site-icon/site-icon.test.js
@@ -0,0 +1,24 @@
+import * as React from 'react';
+import { render } from '@testing-library/react';
+import SiteIcon from '.';
+
+describe('SiteIcon', () => {
+  const args = {
+    name: 'Snap name',
+    icon: './images/eth_logo.svg',
+    className: 'classname-test',
+    fallbackClassName: 'fallback-classname-test',
+  };
+
+  it('should render without crashing', () => {
+    const { getByText } = render(<SiteIcon name={args.name} />);
+    expect(getByText('S')).toBeDefined();
+  });
+
+  it('should render an icon image', () => {
+    const { getByAltText } = render(<SiteIcon {...args} />);
+    const image = getByAltText(args.name);
+    expect(image).toBeDefined();
+    expect(image).toHaveAttribute('src', args.icon);
+  });
+});
diff --git a/ui/components/ui/typography/typography.test.js b/ui/components/ui/typography/typography.test.js
index c162f69dd..d8b259b85 100644
--- a/ui/components/ui/typography/typography.test.js
+++ b/ui/components/ui/typography/typography.test.js
@@ -24,7 +24,6 @@ describe('Typography', () => {
         <Typography tag="div">div tag</Typography>
         <Typography tag="dt">dt tag</Typography>
         <Typography tag="dd">dd tag</Typography>
-        <Typography tag="i">i tag</Typography>
       </>,
     );
     expect(container.querySelector('p')).toBeDefined();
diff --git a/ui/pages/swaps/dropdown-search-list/__snapshots__/dropdown-search-list.test.js.snap b/ui/pages/swaps/dropdown-search-list/__snapshots__/dropdown-search-list.test.js.snap
index 6d8710731..e92d6b8cf 100644
--- a/ui/pages/swaps/dropdown-search-list/__snapshots__/dropdown-search-list.test.js.snap
+++ b/ui/pages/swaps/dropdown-search-list/__snapshots__/dropdown-search-list.test.js.snap
@@ -13,7 +13,7 @@ exports[`DropdownSearchList renders the component with initial props 1`] = `
         class="dropdown-search-list__selector-closed"
       >
         <img
-          alt=""
+          alt="symbol"
           class="url-icon dropdown-search-list__selector-closed-icon"
           src="iconUrl"
         />
diff --git a/ui/pages/swaps/main-quote-summary/__snapshots__/main-quote-summary.test.js.snap b/ui/pages/swaps/main-quote-summary/__snapshots__/main-quote-summary.test.js.snap
index 2e67e465f..6a89874cd 100644
--- a/ui/pages/swaps/main-quote-summary/__snapshots__/main-quote-summary.test.js.snap
+++ b/ui/pages/swaps/main-quote-summary/__snapshots__/main-quote-summary.test.js.snap
@@ -11,11 +11,11 @@ exports[`MainQuoteSummary renders the component with initial props 1`] = `
   >
     2
   </span>
-  <i
+  <span
     class="icon-with-fallback__fallback url-icon__fallback main-quote-summary__icon-fallback"
   >
     E
-  </i>
+  </span>
   <span
     class="main-quote-summary__source-row-symbol"
     title="ETH"
@@ -29,11 +29,11 @@ exports[`MainQuoteSummary renders the component with initial props 2`] = `
 <div
   class="main-quote-summary__destination-row"
 >
-  <i
+  <span
     class="icon-with-fallback__fallback url-icon__fallback main-quote-summary__icon-fallback"
   >
     B
-  </i>
+  </span>
   <span
     class="main-quote-summary__destination-row-symbol"
   >
diff --git a/ui/pages/swaps/searchable-item-list/__snapshots__/searchable-item-list.test.js.snap b/ui/pages/swaps/searchable-item-list/__snapshots__/searchable-item-list.test.js.snap
index 29affeb5d..be6f2c9c8 100644
--- a/ui/pages/swaps/searchable-item-list/__snapshots__/searchable-item-list.test.js.snap
+++ b/ui/pages/swaps/searchable-item-list/__snapshots__/searchable-item-list.test.js.snap
@@ -37,7 +37,7 @@ exports[`SearchableItemList renders the component with initial props 2`] = `
   tabindex="0"
 >
   <img
-    alt=""
+    alt="primaryLabel"
     class="url-icon"
     src="iconUrl"
   />
diff --git a/ui/pages/swaps/view-quote/__snapshots__/view-quote.test.js.snap b/ui/pages/swaps/view-quote/__snapshots__/view-quote.test.js.snap
index b0f5bc601..c2f8f8326 100644
--- a/ui/pages/swaps/view-quote/__snapshots__/view-quote.test.js.snap
+++ b/ui/pages/swaps/view-quote/__snapshots__/view-quote.test.js.snap
@@ -12,7 +12,7 @@ exports[`ViewQuote renders the component with EIP-1559 enabled 1`] = `
     10
   </span>
   <img
-    alt=""
+    alt="DAI"
     class="url-icon main-quote-summary__icon"
     src="https://foo.bar/logo.png"
   />
@@ -113,7 +113,7 @@ exports[`ViewQuote renders the component with initial props 1`] = `
     10
   </span>
   <img
-    alt=""
+    alt="DAI"
     class="url-icon main-quote-summary__icon"
     src="https://foo.bar/logo.png"
   />