diff --git a/.changelog/unreleased/bug-fixes/770-fix-cargo-test-no-default-features.md b/.changelog/v0.48.1/bug-fixes/770-fix-cargo-test-no-default-features.md
similarity index 100%
rename from .changelog/unreleased/bug-fixes/770-fix-cargo-test-no-default-features.md
rename to .changelog/v0.48.1/bug-fixes/770-fix-cargo-test-no-default-features.md
diff --git a/.changelog/unreleased/bug-fixes/987-serde-json-feature.md b/.changelog/v0.48.1/bug-fixes/987-serde-json-feature.md
similarity index 100%
rename from .changelog/unreleased/bug-fixes/987-serde-json-feature.md
rename to .changelog/v0.48.1/bug-fixes/987-serde-json-feature.md
diff --git a/.changelog/v0.48.1/summary.md b/.changelog/v0.48.1/summary.md
new file mode 100644
index 000000000..72df2fc53
--- /dev/null
+++ b/.changelog/v0.48.1/summary.md
@@ -0,0 +1,4 @@
+This patch release eliminates the `dep:` syntax from the `serde` feature,
+addressing potential dependency resolution issue stemming from Rust v1.70.
+
+There are no consensus-breaking changes.
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 005143b9e..be0d56533 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,22 @@
 # CHANGELOG
 
+## v0.48.1
+
+*November 27, 2023*
+
+This patch release eliminates the `dep:` syntax from the `serde` feature,
+addressing potential dependency resolution issue stemming from Rust v1.70.
+
+There are no consensus-breaking changes.
+
+### BUG FIXES
+
+- Fix Cargo test failure with `--no-default-features` flag.
+  ([\#770](https://github.com/cosmos/ibc-rs/issues/770))
+- Fix dependency resolution by removing the `dep:` syntax in `serde` feature of
+  `ibc-app-transfer` crate.
+  ([\#987](https://github.com/cosmos/ibc-rs/issues/987))
+
 ## v0.48.0
 
 *November 22, 2023*