diff --git a/.changelog/unreleased/breaking-changes/5-bump-ibc-and-tendermint.md b/.changelog/v0.56.0/breaking-changes/5-bump-ibc-and-tendermint.md
similarity index 100%
rename from .changelog/unreleased/breaking-changes/5-bump-ibc-and-tendermint.md
rename to .changelog/v0.56.0/breaking-changes/5-bump-ibc-and-tendermint.md
diff --git a/.changelog/v0.56.0/summary.md b/.changelog/v0.56.0/summary.md
new file mode 100644
index 0000000..f18c31c
--- /dev/null
+++ b/.changelog/v0.56.0/summary.md
@@ -0,0 +1,3 @@
+
+This release upgrades the `ibc-rs` and `tendermint-rs` dependencies to `v0.56.0`
+and `v0.40.0`, respectively.
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6f2a649..a55ae7d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # CHANGELOG
 
+## v0.56.0
+
+*November 15, 2024*
+
+This release upgrades the `ibc-rs` and `tendermint-rs` dependencies to `v0.56.0`
+and `v0.40.0`, respectively.
+
 ## v0.55.0
 
 *October 17, 2024*
diff --git a/Cargo.lock b/Cargo.lock
index 353852d..ab3848f 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1363,7 +1363,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-cw"
-version = "0.55.0"
+version = "0.56.0"
 dependencies = [
  "cosmwasm-schema",
  "cosmwasm-std",
@@ -1395,7 +1395,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-cw"
-version = "0.55.0"
+version = "0.56.0"
 dependencies = [
  "cosmwasm-std",
  "ibc-client-cw",
diff --git a/Cargo.toml b/Cargo.toml
index e11d1c2..8ac5f16 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -7,7 +7,7 @@ members = [
 ]
 
 [workspace.package]
-version      = "0.55.0"
+version      = "0.56.0"
 license      = "Apache-2.0"
 edition      = "2021"
 rust-version = "1.75.0"
@@ -27,7 +27,7 @@ cosmwasm-schema = { version = "2.1.0" }
 cw-storage-plus = { version = "2.0.0" }
 
 # local dependencies
-ibc-client-cw = { version = "0.55.0", path = "./ibc-clients/cw-context", default-features = false }
+ibc-client-cw = { version = "0.56.0", path = "./ibc-clients/cw-context", default-features = false }
 
 # ibc dependencies
 ibc-core              = { version = "0.56.0", default-features = false }