diff --git a/package.json b/package.json
index 1e918f06a..b43022f63 100644
--- a/package.json
+++ b/package.json
@@ -34,7 +34,7 @@
   "homepage": "https://github.com/centrehq/centre-tokens#readme",
   "dependencies": {},
   "devDependencies": {
-    "@openzeppelin/contracts": "^3.1.0",
+    "@openzeppelin/contracts": "^4.7.2",
     "@truffle/hdwallet-provider": "^1.0.39",
     "@typechain/truffle-v5": "^2.0.2",
     "@types/chai": "^4.2.11",
diff --git a/yarn.lock b/yarn.lock
index e2dc785af..88c49bc4f 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -204,10 +204,10 @@
     "@nodelib/fs.scandir" "2.1.3"
     fastq "^1.6.0"
 
-"@openzeppelin/contracts@^3.1.0":
-  version "3.1.0"
-  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-3.1.0.tgz#bcea457ef89069fbe5a617f50b25b6a8272895d5"
-  integrity sha512-dVXDnUKxrAKLzPdCRkz+N8qsVkK1XxJ6kk3zuI6zaQmcKxN7CkizoDP7lXxcs/Mi2I0mxceTRjJBqlzFffLJrQ==
+"@openzeppelin/contracts@^4.7.2":
+  version "4.7.2"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.7.2.tgz#7587416fe2d35abf574193515b8971bfe9f64bc7"
+  integrity sha512-4n/JL9izql8303mPqPdubuna/DWEMbmOzWYUWyCPhjhiEr2w3nQrjE7vZz1fBF+wzzP6dZbIcsgqACk53c9FGA==
 
 "@sindresorhus/is@^0.14.0":
   version "0.14.0"