diff --git a/Cargo.lock b/Cargo.lock
index 4c739c2f5ab..db94ee49392 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -742,9 +742,9 @@ dependencies = [
 
 [[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",
 ]
diff --git a/identity/Cargo.toml b/identity/Cargo.toml
index 920b9a990e4..1f025353af5 100644
--- a/identity/Cargo.toml
+++ b/identity/Cargo.toml
@@ -13,7 +13,7 @@ categories = ["cryptography"]
 
 [dependencies]
 asn1_der = { version = "0.7.6", optional = true }
-bs58 = { version = "0.5.0", optional = true }
+bs58 = { version = "0.5.1", optional = true }
 ed25519-dalek = { version = "2.1", optional = true }
 hkdf = { version = "0.12.4", optional = true }
 libsecp256k1 = { version = "0.7.0", optional = true }