diff --git a/Cargo.lock b/Cargo.lock
index 6b8f0b74753e..c7712363e79d 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2378,9 +2378,9 @@ checksum = "771fe0050b883fcc3ea2359b1a96bcfbc090b7116eae7c3c512c7a083fdf23d3"
 
 [[package]]
 name = "bs58"
-version = "0.5.0"
+version = "0.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f5353f36341f7451062466f0b755b96ac3a9547e4d7f6b70d603fc721a7d7896"
+checksum = "bf88ba1141d185c399bee5288d850d63b8369520c1eafc32a0430b5b6c287bf4"
 dependencies = [
  "tinyvec",
 ]
@@ -7890,7 +7890,7 @@ version = "0.2.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "999ec70441b2fb35355076726a6bc466c932e9bdc66f6a11c6c0aa17c7ab9be0"
 dependencies = [
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "ed25519-dalek",
  "hkdf",
  "multihash 0.19.1",
@@ -13641,7 +13641,7 @@ name = "polkadot-node-metrics"
 version = "7.0.0"
 dependencies = [
  "assert_cmd",
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "futures",
  "futures-timer",
  "http-body-util",
@@ -14085,7 +14085,7 @@ dependencies = [
 name = "polkadot-runtime-metrics"
 version = "7.0.0"
 dependencies = [
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "frame-benchmarking",
  "parity-scale-codec",
  "polkadot-primitives",
@@ -17974,7 +17974,7 @@ dependencies = [
 name = "sc-network-types"
 version = "0.10.0"
 dependencies = [
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "ed25519-dalek",
  "libp2p-identity",
  "litep2p",
@@ -19254,7 +19254,7 @@ dependencies = [
  "base64 0.21.2",
  "bip39",
  "blake2-rfc",
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "chacha20",
  "crossbeam-queue",
  "derive_more",
@@ -20099,7 +20099,7 @@ dependencies = [
  "bitflags 1.3.2",
  "blake2 0.10.6",
  "bounded-collections",
- "bs58 0.5.0",
+ "bs58 0.5.1",
  "criterion",
  "dyn-clonable",
  "ed25519-zebra",
diff --git a/Cargo.toml b/Cargo.toml
index d59c2b790b35..85f21be900bd 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -648,7 +648,7 @@ bridge-hub-test-utils = { path = "cumulus/parachains/runtimes/bridge-hubs/test-u
 bridge-hub-westend-emulated-chain = { path = "cumulus/parachains/integration-tests/emulated/chains/parachains/bridges/bridge-hub-westend" }
 bridge-hub-westend-runtime = { path = "cumulus/parachains/runtimes/bridge-hubs/bridge-hub-westend", default-features = false }
 bridge-runtime-common = { path = "bridges/bin/runtime-common", default-features = false }
-bs58 = { version = "0.5.0", default-features = false }
+bs58 = { version = "0.5.1", default-features = false }
 build-helper = { version = "0.1.1" }
 byte-slice-cast = { version = "1.2.1", default-features = false }
 byteorder = { version = "1.3.2", default-features = false }