diff --git a/Cargo.lock b/Cargo.lock
index 7f40f5f26d2730..4c3d1ebf5eb7db 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -401,6 +401,12 @@ version = "0.3.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "476e9cd489f9e121e02ffa6014a8ef220ecb15c05ed23fc34cca13925dc283fb"
 
+[[package]]
+name = "bs58"
+version = "0.4.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "771fe0050b883fcc3ea2359b1a96bcfbc090b7116eae7c3c512c7a083fdf23d3"
+
 [[package]]
 name = "bstr"
 version = "0.2.13"
@@ -3963,7 +3969,7 @@ dependencies = [
  "Inflector",
  "base64 0.12.3",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "bv",
  "lazy_static",
  "serde",
@@ -4226,7 +4232,7 @@ version = "1.7.0"
 dependencies = [
  "Inflector",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "chrono",
  "clap",
  "console",
@@ -4306,7 +4312,7 @@ dependencies = [
  "assert_matches",
  "base64 0.13.0",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "clap",
  "indicatif",
  "jsonrpc-core",
@@ -4353,7 +4359,7 @@ dependencies = [
  "ahash 0.6.1",
  "base64 0.12.3",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "bv",
  "byteorder",
  "chrono",
@@ -4535,7 +4541,7 @@ version = "1.5.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "dc44c8096d5847d8cf7f3af3cce565de554cb56371decf93b060633ca8588913"
 dependencies = [
- "bs58",
+ "bs58 0.3.1",
  "bv",
  "generic-array 0.14.3",
  "log 0.4.11",
@@ -4553,7 +4559,7 @@ dependencies = [
 name = "solana-frozen-abi"
 version = "1.7.0"
 dependencies = [
- "bs58",
+ "bs58 0.4.0",
  "bv",
  "generic-array 0.14.3",
  "log 0.4.11",
@@ -4666,7 +4672,7 @@ dependencies = [
 name = "solana-keygen"
 version = "1.7.0"
 dependencies = [
- "bs58",
+ "bs58 0.4.0",
  "clap",
  "dirs-next",
  "num_cpus",
@@ -4739,7 +4745,7 @@ name = "solana-ledger-tool"
 version = "1.7.0"
 dependencies = [
  "assert_cmd",
- "bs58",
+ "bs58 0.4.0",
  "bytecount",
  "clap",
  "csv",
@@ -4985,7 +4991,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "c2007bf285617f8a783e96b20ccd2f8d813549090a5b520f22e5f65b3cd9b157"
 dependencies = [
  "bincode",
- "bs58",
+ "bs58 0.3.1",
  "bv",
  "curve25519-dalek 2.1.0",
  "hex",
@@ -5016,7 +5022,7 @@ dependencies = [
  "bincode",
  "borsh",
  "borsh-derive",
- "bs58",
+ "bs58 0.3.1",
  "bv",
  "curve25519-dalek 2.1.0",
  "hex",
@@ -5175,7 +5181,7 @@ version = "1.7.0"
 dependencies = [
  "assert_matches",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "bv",
  "byteorder",
  "chrono",
@@ -5220,7 +5226,7 @@ version = "1.5.8"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "b8a6635f1798c8ff1b88bb0fad1d4693c011f36a73c9ae03f198203144edcabb"
 dependencies = [
- "bs58",
+ "bs58 0.3.1",
  "proc-macro2 1.0.24",
  "quote 1.0.6",
  "rustversion",
@@ -5231,7 +5237,7 @@ dependencies = [
 name = "solana-sdk-macro"
 version = "1.7.0"
 dependencies = [
- "bs58",
+ "bs58 0.3.1",
  "proc-macro2 1.0.24",
  "quote 1.0.6",
  "rustversion",
@@ -5366,7 +5372,7 @@ name = "solana-storage-proto"
 version = "1.7.0"
 dependencies = [
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "prost",
  "serde",
  "serde_derive",
@@ -5460,7 +5466,7 @@ dependencies = [
  "Inflector",
  "base64 0.12.3",
  "bincode",
- "bs58",
+ "bs58 0.4.0",
  "lazy_static",
  "serde",
  "serde_derive",
diff --git a/account-decoder/Cargo.toml b/account-decoder/Cargo.toml
index fbc99c7335cc1d..5eb343afa80ee7 100644
--- a/account-decoder/Cargo.toml
+++ b/account-decoder/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 base64 = "0.12.3"
 bincode = "1.3.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 bv = "0.11.1"
 Inflector = "0.11.4"
 lazy_static = "1.4.0"
diff --git a/cli/Cargo.toml b/cli/Cargo.toml
index 91f064ab691e84..0ef98f5ba9f779 100644
--- a/cli/Cargo.toml
+++ b/cli/Cargo.toml
@@ -11,7 +11,7 @@ documentation = "https://docs.rs/solana-cli"
 
 [dependencies]
 bincode = "1.3.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 chrono = { version = "0.4.11", features = ["serde"] }
 clap = "2.33.1"
 criterion-stats = "0.3.0"
diff --git a/client/Cargo.toml b/client/Cargo.toml
index 01a47977b5afd0..33bbc0d2f4acc0 100644
--- a/client/Cargo.toml
+++ b/client/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 base64 = "0.13.0"
 bincode = "1.3.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 clap = "2.33.0"
 indicatif = "0.15.0"
 jsonrpc-core = "17.0.0"
diff --git a/core/Cargo.toml b/core/Cargo.toml
index 3cc2a75ac84140..132bb33600bdb7 100644
--- a/core/Cargo.toml
+++ b/core/Cargo.toml
@@ -18,7 +18,7 @@ ahash = "0.6.1"
 base64 = "0.12.3"
 bincode = "1.3.1"
 bv = { version = "0.11.1", features = ["serde"] }
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 byteorder = "1.3.4"
 chrono = { version = "0.4.11", features = ["serde"] }
 core_affinity = "0.5.10"
diff --git a/frozen-abi/Cargo.toml b/frozen-abi/Cargo.toml
index b3fb941e500668..8e3fb2d31aa796 100644
--- a/frozen-abi/Cargo.toml
+++ b/frozen-abi/Cargo.toml
@@ -10,7 +10,7 @@ license = "Apache-2.0"
 edition = "2018"
 
 [dependencies]
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 bv = { version = "0.11.1", features = ["serde"] }
 log = "0.4.11"
 serde = "1.0.122"
diff --git a/keygen/Cargo.toml b/keygen/Cargo.toml
index a3f2ab3d775d1b..6a71e47e5f034c 100644
--- a/keygen/Cargo.toml
+++ b/keygen/Cargo.toml
@@ -10,7 +10,7 @@ documentation = "https://docs.rs/solana-keygen"
 edition = "2018"
 
 [dependencies]
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 clap = "2.33"
 dirs-next = "2.0.0"
 num_cpus = "1.13.0"
diff --git a/ledger-tool/Cargo.toml b/ledger-tool/Cargo.toml
index 096f00d10296cd..e93ceb6389db06 100644
--- a/ledger-tool/Cargo.toml
+++ b/ledger-tool/Cargo.toml
@@ -10,7 +10,7 @@ homepage = "https://solana.com/"
 documentation = "https://docs.rs/solana-ledger-tool"
 
 [dependencies]
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 bytecount = "0.6.0"
 clap = "2.33.1"
 csv = "1.1.3"
diff --git a/sdk/Cargo.toml b/sdk/Cargo.toml
index e24798a6b728c4..4a8da70fd8bb4d 100644
--- a/sdk/Cargo.toml
+++ b/sdk/Cargo.toml
@@ -38,7 +38,7 @@ full = [
 [dependencies]
 assert_matches = { version = "1.3.0", optional = true }
 bincode = "1.3.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 bv = { version = "0.11.1", features = ["serde"] }
 byteorder = { version = "1.3.4", optional = true }
 chrono = { version = "0.4", optional = true }
diff --git a/storage-proto/Cargo.toml b/storage-proto/Cargo.toml
index a733ef02b5f4ef..3a4672572aa4ac 100644
--- a/storage-proto/Cargo.toml
+++ b/storage-proto/Cargo.toml
@@ -11,7 +11,7 @@ edition = "2018"
 
 [dependencies]
 bincode = "1.2.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 prost = "0.7.0"
 serde = "1.0.122"
 serde_derive = "1.0.103"
diff --git a/transaction-status/Cargo.toml b/transaction-status/Cargo.toml
index ce73a312528299..a46d72176fbc7b 100644
--- a/transaction-status/Cargo.toml
+++ b/transaction-status/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 base64 = "0.12.3"
 bincode = "1.3.1"
-bs58 = "0.3.1"
+bs58 = "0.4.0"
 Inflector = "0.11.4"
 lazy_static = "1.4.0"
 serde = "1.0.122"