diff --git a/deps/v8/build/standalone.gypi b/deps/v8/build/standalone.gypi
index 6c88409dbee892..a9123cbae0343c 100644
--- a/deps/v8/build/standalone.gypi
+++ b/deps/v8/build/standalone.gypi
@@ -33,6 +33,7 @@
   'includes': ['toolchain.gypi'],
   'variables': {
     'component%': 'static_library',
+    'force_dynamic_crt%': 0,
     'clang_xcode%': 0,
     # Track where uninitialized memory originates from. From fastest to
     # slowest: 0 - no tracking, 1 - track only the initial allocation site, 2
diff --git a/deps/v8/build/toolchain.gypi b/deps/v8/build/toolchain.gypi
index 6090898073082d..faecf8e43d5168 100644
--- a/deps/v8/build/toolchain.gypi
+++ b/deps/v8/build/toolchain.gypi
@@ -1104,7 +1104,7 @@
           'VCCLCompilerTool': {
             'Optimization': '0',
             'conditions': [
-              ['component=="shared_library"', {
+              ['component=="shared_library" or force_dynamic_crt==1', {
                 'RuntimeLibrary': '3',  # /MDd
               }, {
                 'RuntimeLibrary': '1',  # /MTd
@@ -1156,7 +1156,7 @@
             'StringPooling': 'true',
             'BasicRuntimeChecks': '0',
             'conditions': [
-              ['component=="shared_library"', {
+              ['component=="shared_library" or force_dynamic_crt==1', {
                 'RuntimeLibrary': '3',  #/MDd
               }, {
                 'RuntimeLibrary': '1',  #/MTd
@@ -1347,7 +1347,7 @@
                 'FavorSizeOrSpeed': '0',
                 'StringPooling': 'true',
                 'conditions': [
-                  ['component=="shared_library"', {
+                  ['component=="shared_library" or force_dynamic_crt==1', {
                     'RuntimeLibrary': '2',  #/MD
                   }, {
                     'RuntimeLibrary': '0',  #/MT
diff --git a/deps/v8/include/v8-version.h b/deps/v8/include/v8-version.h
index 32ead433947211..4723fe3b9d4a98 100644
--- a/deps/v8/include/v8-version.h
+++ b/deps/v8/include/v8-version.h
@@ -11,7 +11,7 @@
 #define V8_MAJOR_VERSION 5
 #define V8_MINOR_VERSION 1
 #define V8_BUILD_NUMBER 281
-#define V8_PATCH_LEVEL 87
+#define V8_PATCH_LEVEL 88
 
 // Use 1 for candidates and 0 otherwise.
 // (Boolean macro values are not supported by all preprocessors.)