diff --git a/.changelog/unreleased/breaking-changes/1375-bump-ibc-proto-and-tendermint-and-msrv.md b/.changelog/v0.56.0/breaking-changes/1375-bump-ibc-proto-and-tendermint-and-msrv.md
similarity index 100%
rename from .changelog/unreleased/breaking-changes/1375-bump-ibc-proto-and-tendermint-and-msrv.md
rename to .changelog/v0.56.0/breaking-changes/1375-bump-ibc-proto-and-tendermint-and-msrv.md
diff --git a/.changelog/unreleased/improvements/1362-relax-timeout-check-in-MsgTransfer-conversions.md b/.changelog/v0.56.0/improvements/1362-relax-timeout-check-in-MsgTransfer-conversions.md
similarity index 100%
rename from .changelog/unreleased/improvements/1362-relax-timeout-check-in-MsgTransfer-conversions.md
rename to .changelog/v0.56.0/improvements/1362-relax-timeout-check-in-MsgTransfer-conversions.md
diff --git a/.changelog/unreleased/improvements/1374-optimize-vec-push-avoid-realloc-mem.md b/.changelog/v0.56.0/improvements/1374-optimize-vec-push-avoid-realloc-mem.md
similarity index 100%
rename from .changelog/unreleased/improvements/1374-optimize-vec-push-avoid-realloc-mem.md
rename to .changelog/v0.56.0/improvements/1374-optimize-vec-push-avoid-realloc-mem.md
diff --git a/.changelog/v0.56.0/summary.md b/.changelog/v0.56.0/summary.md
new file mode 100644
index 000000000..e368406a5
--- /dev/null
+++ b/.changelog/v0.56.0/summary.md
@@ -0,0 +1,5 @@
+This release upgrades the `ibc-proto` and `tendermint-rs` dependencies to
+`v0.51.1` and `v0.40.0`, respectively. It also updates the minimum supported
+Rust version (MSRV) to `1.75.0`.
+
+There are no consensus-breaking changes in this release.
diff --git a/CHANGELOG.md b/CHANGELOG.md
index ebb285c4f..5e31a933e 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,29 @@
 # CHANGELOG
 
+## v0.56.0
+
+*November 15, 2024*
+
+This release upgrades the `ibc-proto` and `tendermint-rs` dependencies to
+`v0.51.1` and `v0.40.0`, respectively. It also updates the minimum supported
+Rust version (MSRV) to `1.75.0`.
+
+There are no consensus-breaking changes in this release.
+
+### BREAKING CHANGES
+
+- [ibc] Update `ibc-proto` to `v0.51.1` and `tendermint` to `v0.40.0`.
+  ([\#1375](https://github.com/cosmos/ibc-rs/pull/1375))
+- [ibc] Update MSRV to `1.75.0`.
+  ([\#1375](https://github.com/cosmos/ibc-rs/pull/1375))
+
+### IMPROVEMENTS
+
+- [ibc-apps] Relax timeout check during `MsgTransfer` proto to domain
+  conversions ([#1362](https://github.com/cosmos/ibc-rs/issues/1362)).
+- [ibc-app-nft-transfer] Preallocate `Vec` to avoid reallocation of memory
+  ([\#1374](https://github.com/cosmos/ibc-rs/pull/1374)).
+
 ## v0.55.1
 
 *October 17, 2024*
diff --git a/Cargo.toml b/Cargo.toml
index 16843ae9e..c9c91f99e 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -44,7 +44,7 @@ exclude = [
 ]
 
 [workspace.package]
-version      = "0.55.1"
+version      = "0.56.0"
 license      = "Apache-2.0"
 edition      = "2021"
 rust-version = "1.75.0"
@@ -68,41 +68,41 @@ subtle-encoding = { version = "0.5", default-features = false }
 hex             = { version = "0.4.3", default-features = false }
 
 # ibc dependencies
-ibc            = { version = "0.55.1", path = "./ibc", default-features = false }
-ibc-core       = { version = "0.55.1", path = "./ibc-core", default-features = false }
-ibc-clients    = { version = "0.55.1", path = "./ibc-clients", default-features = false }
-ibc-apps       = { version = "0.55.1", path = "./ibc-apps", default-features = false }
-ibc-primitives = { version = "0.55.1", path = "./ibc-primitives", default-features = false }
-ibc-testkit    = { version = "0.55.1", path = "./ibc-testkit", default-features = false }
+ibc            = { version = "0.56.0", path = "./ibc", default-features = false }
+ibc-core       = { version = "0.56.0", path = "./ibc-core", default-features = false }
+ibc-clients    = { version = "0.56.0", path = "./ibc-clients", default-features = false }
+ibc-apps       = { version = "0.56.0", path = "./ibc-apps", default-features = false }
+ibc-primitives = { version = "0.56.0", path = "./ibc-primitives", default-features = false }
+ibc-testkit    = { version = "0.56.0", path = "./ibc-testkit", default-features = false }
 
-ibc-derive = { version = "0.9.0", path = "./ibc-derive" }
+ibc-derive = { version = "0.10.0", path = "./ibc-derive" }
 
-ibc-core-client     = { version = "0.55.1", path = "./ibc-core/ics02-client", default-features = false }
-ibc-core-connection = { version = "0.55.1", path = "./ibc-core/ics03-connection", default-features = false }
-ibc-core-channel    = { version = "0.55.1", path = "./ibc-core/ics04-channel", default-features = false }
-ibc-core-host       = { version = "0.55.1", path = "./ibc-core/ics24-host", default-features = false }
-ibc-core-handler    = { version = "0.55.1", path = "./ibc-core/ics25-handler", default-features = false }
-ibc-core-router     = { version = "0.55.1", path = "./ibc-core/ics26-routing", default-features = false }
-ibc-query           = { version = "0.55.1", path = "./ibc-query", default-features = false }
+ibc-core-client     = { version = "0.56.0", path = "./ibc-core/ics02-client", default-features = false }
+ibc-core-connection = { version = "0.56.0", path = "./ibc-core/ics03-connection", default-features = false }
+ibc-core-channel    = { version = "0.56.0", path = "./ibc-core/ics04-channel", default-features = false }
+ibc-core-host       = { version = "0.56.0", path = "./ibc-core/ics24-host", default-features = false }
+ibc-core-handler    = { version = "0.56.0", path = "./ibc-core/ics25-handler", default-features = false }
+ibc-core-router     = { version = "0.56.0", path = "./ibc-core/ics26-routing", default-features = false }
+ibc-query           = { version = "0.56.0", path = "./ibc-query", default-features = false }
 
-ibc-client-tendermint = { version = "0.55.1", path = "./ibc-clients/ics07-tendermint", default-features = false }
+ibc-client-tendermint = { version = "0.56.0", path = "./ibc-clients/ics07-tendermint", default-features = false }
 
-ibc-app-transfer     = { version = "0.55.1", path = "./ibc-apps/ics20-transfer", default-features = false }
-ibc-app-nft-transfer = { version = "0.55.1", path = "./ibc-apps/ics721-nft-transfer", default-features = false }
+ibc-app-transfer     = { version = "0.56.0", path = "./ibc-apps/ics20-transfer", default-features = false }
+ibc-app-nft-transfer = { version = "0.56.0", path = "./ibc-apps/ics721-nft-transfer", default-features = false }
 
-ibc-core-client-context     = { version = "0.55.1", path = "./ibc-core/ics02-client/context", default-features = false }
-ibc-core-client-types       = { version = "0.55.1", path = "./ibc-core/ics02-client/types", default-features = false }
-ibc-core-channel-types      = { version = "0.55.1", path = "./ibc-core/ics04-channel/types", default-features = false }
-ibc-core-connection-types   = { version = "0.55.1", path = "./ibc-core/ics03-connection/types", default-features = false }
-ibc-core-commitment-types   = { version = "0.55.1", path = "./ibc-core/ics23-commitment/types", default-features = false }
-ibc-core-host-cosmos        = { version = "0.55.1", path = "./ibc-core/ics24-host/cosmos", default-features = false }
-ibc-core-host-types         = { version = "0.55.1", path = "./ibc-core/ics24-host/types", default-features = false }
-ibc-core-handler-types      = { version = "0.55.1", path = "./ibc-core/ics25-handler/types", default-features = false }
-ibc-core-router-types       = { version = "0.55.1", path = "./ibc-core/ics26-routing/types", default-features = false }
-ibc-client-tendermint-types = { version = "0.55.1", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
-ibc-client-wasm-types       = { version = "0.55.1", path = "./ibc-clients/ics08-wasm/types", default-features = false }
-ibc-app-transfer-types      = { version = "0.55.1", path = "./ibc-apps/ics20-transfer/types", default-features = false }
-ibc-app-nft-transfer-types  = { version = "0.55.1", path = "./ibc-apps/ics721-nft-transfer/types", default-features = false }
+ibc-core-client-context     = { version = "0.56.0", path = "./ibc-core/ics02-client/context", default-features = false }
+ibc-core-client-types       = { version = "0.56.0", path = "./ibc-core/ics02-client/types", default-features = false }
+ibc-core-channel-types      = { version = "0.56.0", path = "./ibc-core/ics04-channel/types", default-features = false }
+ibc-core-connection-types   = { version = "0.56.0", path = "./ibc-core/ics03-connection/types", default-features = false }
+ibc-core-commitment-types   = { version = "0.56.0", path = "./ibc-core/ics23-commitment/types", default-features = false }
+ibc-core-host-cosmos        = { version = "0.56.0", path = "./ibc-core/ics24-host/cosmos", default-features = false }
+ibc-core-host-types         = { version = "0.56.0", path = "./ibc-core/ics24-host/types", default-features = false }
+ibc-core-handler-types      = { version = "0.56.0", path = "./ibc-core/ics25-handler/types", default-features = false }
+ibc-core-router-types       = { version = "0.56.0", path = "./ibc-core/ics26-routing/types", default-features = false }
+ibc-client-tendermint-types = { version = "0.56.0", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
+ibc-client-wasm-types       = { version = "0.56.0", path = "./ibc-clients/ics08-wasm/types", default-features = false }
+ibc-app-transfer-types      = { version = "0.56.0", path = "./ibc-apps/ics20-transfer/types", default-features = false }
+ibc-app-nft-transfer-types  = { version = "0.56.0", path = "./ibc-apps/ics721-nft-transfer/types", default-features = false }
 
 ibc-proto = { version = "0.51.1", default-features = false }
 
diff --git a/ci/cw-check/Cargo.lock b/ci/cw-check/Cargo.lock
index ed902ecbf..abbfa0a92 100644
--- a/ci/cw-check/Cargo.lock
+++ b/ci/cw-check/Cargo.lock
@@ -798,7 +798,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -807,7 +807,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -822,14 +822,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-wasm-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "base64 0.22.1",
  "displaydoc",
@@ -841,7 +841,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -856,7 +856,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -870,7 +870,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -891,7 +891,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -903,7 +903,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -918,7 +918,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -936,7 +936,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -953,7 +953,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-client-wasm-types",
  "ibc-core-client",
@@ -966,7 +966,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -985,7 +985,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -999,7 +999,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1021,7 +1021,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1038,7 +1038,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "base64 0.22.1",
  "derive_more",
@@ -1053,7 +1053,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1066,7 +1066,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1083,7 +1083,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-derive"
-version = "0.9.0"
+version = "0.10.0"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -1092,7 +1092,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more",
  "displaydoc",
diff --git a/ci/no-std-check/Cargo.lock b/ci/no-std-check/Cargo.lock
index eb998d5ce..7d9393fe7 100644
--- a/ci/no-std-check/Cargo.lock
+++ b/ci/no-std-check/Cargo.lock
@@ -1140,7 +1140,7 @@ dependencies = [
 
 [[package]]
 name = "ibc"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-apps",
  "ibc-clients",
@@ -1152,7 +1152,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -1161,7 +1161,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1174,14 +1174,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-tendermint"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "ibc-client-tendermint-types",
@@ -1197,7 +1197,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "displaydoc",
  "ibc-core-client-types",
@@ -1213,7 +1213,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-wasm-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "base64 0.22.1",
  "displaydoc",
@@ -1226,7 +1226,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-clients"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-client-tendermint",
  "ibc-client-wasm-types",
@@ -1234,7 +1234,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1249,7 +1249,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -1263,7 +1263,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1281,7 +1281,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -1293,7 +1293,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1308,7 +1308,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1323,7 +1323,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1337,7 +1337,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-client",
  "ibc-core-connection-types",
@@ -1348,7 +1348,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1364,7 +1364,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1378,7 +1378,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1397,7 +1397,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1414,7 +1414,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-cosmos"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1436,7 +1436,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "base64 0.22.1",
  "derive_more 1.0.0",
@@ -1448,7 +1448,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1461,7 +1461,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
@@ -1475,7 +1475,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-derive"
-version = "0.9.0"
+version = "0.10.0"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -1484,7 +1484,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.55.1"
+version = "0.56.0"
 dependencies = [
  "derive_more 1.0.0",
  "displaydoc",
diff --git a/ibc-derive/Cargo.toml b/ibc-derive/Cargo.toml
index 51fde3d3a..f9675cf08 100644
--- a/ibc-derive/Cargo.toml
+++ b/ibc-derive/Cargo.toml
@@ -1,6 +1,6 @@
 [package]
 name        = "ibc-derive"
-version     = "0.9.0"
+version     = "0.10.0"
 license     = { workspace = true }
 repository  = { workspace = true }
 edition     = { workspace = true }