diff --git a/Cargo.lock b/Cargo.lock
index 0d0d82745c1..44736e114f6 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4895,18 +4895,18 @@ dependencies = [
 
 [[package]]
 name = "shank"
-version = "0.2.1"
+version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "4bc647510fc0d94a936f7367a9e3e30edbefd410068747ce4d4084b19b5fdbab"
+checksum = "23d894855493d4ce613b25550fe1ed1c62d0af5486b984579ba55e3f8c9631d5"
 dependencies = [
  "shank_macro",
 ]
 
 [[package]]
 name = "shank_macro"
-version = "0.2.1"
+version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "aa9ec31d18dcca23f2270ccf69766a99156792da3aed050dc5713af0e778b4f2"
+checksum = "a9bf2645f8eebde043da69200195058e7b59806705104f908a31d05ca82844ce"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -4917,9 +4917,9 @@ dependencies = [
 
 [[package]]
 name = "shank_macro_impl"
-version = "0.2.1"
+version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ccaeb1359cf545507b5d18a637cc5cf192c7dcc8c737dff466013ca2d9e792c7"
+checksum = "93d0593f48acb0a722906416b1f6b8926f6571eb9af16d566a7c65427f269f50"
 dependencies = [
  "anyhow",
  "proc-macro2",
@@ -4930,9 +4930,9 @@ dependencies = [
 
 [[package]]
 name = "shank_render"
-version = "0.2.1"
+version = "0.4.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "e63f0b763c4c767dfb462a884d5f5b9b99fdd0a214c910d95792eb02a13b3d69"
+checksum = "121175ba61809189f888dc5822ebfd30fa0d91e1e1f61d25a4d40b0847b3075e"
 dependencies = [
  "proc-macro2",
  "quote",
diff --git a/managed-token/program/Cargo.toml b/managed-token/program/Cargo.toml
index d654df628d0..5b401abe584 100644
--- a/managed-token/program/Cargo.toml
+++ b/managed-token/program/Cargo.toml
@@ -23,7 +23,7 @@ test = []
 
 [dependencies]
 borsh = "1.2.1"
-shank = "^0.2.1"
+shank = "^0.4.2"
 solana-program = ">=1.18.2,<=2"
 spl-associated-token-account = { version = "2.0", path = "../../associated-token-account/program", features = [
   "no-entrypoint",