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*
diff --git a/Cargo.toml b/Cargo.toml
index aabc8d1c8..4f98ba81c 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -37,7 +37,7 @@ exclude = [
 ]
 
 [workspace.package]
-version      = "0.48.0"
+version      = "0.48.1"
 license      = "Apache-2.0"
 edition      = "2021"
 rust-version = "1.64"
@@ -63,33 +63,33 @@ subtle-encoding     = { version = "0.5", default-features = false }
 time                = { version = ">=0.3.0, <0.3.31", default-features = false }
 
 # ibc dependencies
-ibc                 = { version = "0.48.0", path = "./ibc", default-features = false }
-ibc-core            = { version = "0.48.0", path = "./ibc-core", default-features = false }
-ibc-clients         = { version = "0.48.0", path = "./ibc-clients", default-features = false }
-ibc-apps            = { version = "0.48.0", path = "./ibc-apps", default-features = false }
-ibc-primitives      = { version = "0.48.0", path = "./ibc-primitives", default-features = false }
+ibc                 = { version = "0.48.1", path = "./ibc", default-features = false }
+ibc-core            = { version = "0.48.1", path = "./ibc-core", default-features = false }
+ibc-clients         = { version = "0.48.1", path = "./ibc-clients", default-features = false }
+ibc-apps            = { version = "0.48.1", path = "./ibc-apps", default-features = false }
+ibc-primitives      = { version = "0.48.1", path = "./ibc-primitives", default-features = false }
 ibc-derive          = { version = "0.4.0", path = "./ibc-derive" }
 
-ibc-core-client       = { version = "0.48.0", path = "./ibc-core/ics02-client", default-features = false }
-ibc-core-connection   = { version = "0.48.0", path = "./ibc-core/ics03-connection", default-features = false }
-ibc-core-channel      = { version = "0.48.0", path = "./ibc-core/ics04-channel", default-features = false }
-ibc-core-host         = { version = "0.48.0", path = "./ibc-core/ics24-host", default-features = false }
-ibc-core-handler      = { version = "0.48.0", path = "./ibc-core/ics25-handler", default-features = false }
-ibc-core-router       = { version = "0.48.0", path = "./ibc-core/ics26-routing", default-features = false }
-ibc-client-tendermint = { version = "0.48.0", path = "./ibc-clients/ics07-tendermint", default-features = false }
-ibc-app-transfer      = { version = "0.48.0", path = "./ibc-apps/ics20-transfer", default-features = false }
+ibc-core-client       = { version = "0.48.1", path = "./ibc-core/ics02-client", default-features = false }
+ibc-core-connection   = { version = "0.48.1", path = "./ibc-core/ics03-connection", default-features = false }
+ibc-core-channel      = { version = "0.48.1", path = "./ibc-core/ics04-channel", default-features = false }
+ibc-core-host         = { version = "0.48.1", path = "./ibc-core/ics24-host", default-features = false }
+ibc-core-handler      = { version = "0.48.1", path = "./ibc-core/ics25-handler", default-features = false }
+ibc-core-router       = { version = "0.48.1", path = "./ibc-core/ics26-routing", default-features = false }
+ibc-client-tendermint = { version = "0.48.1", path = "./ibc-clients/ics07-tendermint", default-features = false }
+ibc-app-transfer      = { version = "0.48.1", path = "./ibc-apps/ics20-transfer", default-features = false }
 
-ibc-core-client-context     = { version = "0.48.0", path = "./ibc-core/ics02-client/context", default-features = false }
-ibc-core-client-types       = { version = "0.48.0", path = "./ibc-core/ics02-client/types", default-features = false }
-ibc-core-channel-types      = { version = "0.48.0", path = "./ibc-core/ics04-channel/types", default-features = false }
-ibc-core-connection-types   = { version = "0.48.0", path = "./ibc-core/ics03-connection/types", default-features = false }
-ibc-core-commitment-types   = { version = "0.48.0", path = "./ibc-core/ics23-commitment/types", default-features = false }
-ibc-core-host-cosmos        = { version = "0.48.0", path = "./ibc-core/ics24-host/cosmos", default-features = false }
-ibc-core-host-types         = { version = "0.48.0", path = "./ibc-core/ics24-host/types", default-features = false }
-ibc-core-handler-types      = { version = "0.48.0", path = "./ibc-core/ics25-handler/types", default-features = false }
-ibc-core-router-types       = { version = "0.48.0", path = "./ibc-core/ics26-routing/types", default-features = false }
-ibc-client-tendermint-types = { version = "0.48.0", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
-ibc-app-transfer-types      = { version = "0.48.0", path = "./ibc-apps/ics20-transfer/types", default-features = false }
+ibc-core-client-context     = { version = "0.48.1", path = "./ibc-core/ics02-client/context", default-features = false }
+ibc-core-client-types       = { version = "0.48.1", path = "./ibc-core/ics02-client/types", default-features = false }
+ibc-core-channel-types      = { version = "0.48.1", path = "./ibc-core/ics04-channel/types", default-features = false }
+ibc-core-connection-types   = { version = "0.48.1", path = "./ibc-core/ics03-connection/types", default-features = false }
+ibc-core-commitment-types   = { version = "0.48.1", path = "./ibc-core/ics23-commitment/types", default-features = false }
+ibc-core-host-cosmos        = { version = "0.48.1", path = "./ibc-core/ics24-host/cosmos", default-features = false }
+ibc-core-host-types         = { version = "0.48.1", path = "./ibc-core/ics24-host/types", default-features = false }
+ibc-core-handler-types      = { version = "0.48.1", path = "./ibc-core/ics25-handler/types", default-features = false }
+ibc-core-router-types       = { version = "0.48.1", path = "./ibc-core/ics26-routing/types", default-features = false }
+ibc-client-tendermint-types = { version = "0.48.1", path = "./ibc-clients/ics07-tendermint/types", default-features = false }
+ibc-app-transfer-types      = { version = "0.48.1", path = "./ibc-apps/ics20-transfer/types", default-features = false }
 
 ibc-proto = { version = "0.38.0", default-features = false }
 ics23     = { version = "0.11", default-features = false }
diff --git a/ci/cw-check/Cargo.lock b/ci/cw-check/Cargo.lock
index a9c9685a3..3a32eebf2 100644
--- a/ci/cw-check/Cargo.lock
+++ b/ci/cw-check/Cargo.lock
@@ -613,7 +613,7 @@ dependencies = [
 
 [[package]]
 name = "ibc"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-apps",
  "ibc-clients",
@@ -625,7 +625,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -634,7 +634,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -649,14 +649,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-tendermint"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint-types",
  "ibc-core-client",
@@ -672,7 +672,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "bytes",
  "displaydoc",
@@ -692,14 +692,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-clients"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint",
 ]
 
 [[package]]
 name = "ibc-core"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -713,7 +713,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -728,7 +728,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -749,7 +749,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -762,7 +762,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -779,7 +779,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -797,7 +797,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -813,7 +813,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client",
  "ibc-core-connection-types",
@@ -825,7 +825,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -844,7 +844,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -858,7 +858,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -880,7 +880,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -898,7 +898,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-cosmos"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -923,7 +923,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -935,7 +935,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -949,7 +949,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -977,7 +977,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
diff --git a/ci/no-std-check/Cargo.lock b/ci/no-std-check/Cargo.lock
index d0f8b0fee..6ab592ccc 100644
--- a/ci/no-std-check/Cargo.lock
+++ b/ci/no-std-check/Cargo.lock
@@ -1213,7 +1213,7 @@ dependencies = [
 
 [[package]]
 name = "ibc"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-apps",
  "ibc-clients",
@@ -1225,7 +1225,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer-types",
  "ibc-core",
@@ -1234,7 +1234,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-app-transfer-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1247,14 +1247,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-apps"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-app-transfer",
 ]
 
 [[package]]
 name = "ibc-client-tendermint"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint-types",
  "ibc-core-client",
@@ -1270,7 +1270,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-client-tendermint-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "bytes",
  "displaydoc",
@@ -1288,14 +1288,14 @@ dependencies = [
 
 [[package]]
 name = "ibc-clients"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-client-tendermint",
 ]
 
 [[package]]
 name = "ibc-core"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1309,7 +1309,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel-types",
  "ibc-core-client",
@@ -1324,7 +1324,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-channel-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1343,7 +1343,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client-context",
  "ibc-core-client-types",
@@ -1356,7 +1356,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-context"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1373,7 +1373,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-client-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1389,7 +1389,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-commitment-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1403,7 +1403,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-client",
  "ibc-core-connection-types",
@@ -1415,7 +1415,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-connection-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1432,7 +1432,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "ibc-core-channel",
  "ibc-core-client",
@@ -1446,7 +1446,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-handler-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1466,7 +1466,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1484,7 +1484,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-cosmos"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1507,7 +1507,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-host-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1517,7 +1517,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1531,7 +1531,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-core-router-types"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
@@ -1557,7 +1557,7 @@ dependencies = [
 
 [[package]]
 name = "ibc-primitives"
-version = "0.48.0"
+version = "0.48.1"
 dependencies = [
  "derive_more",
  "displaydoc",
diff --git a/ibc-core/ics26-routing/types/src/lib.rs b/ibc-core/ics26-routing/types/src/lib.rs
index 6ca759f79..78d5fd12b 100644
--- a/ibc-core/ics26-routing/types/src/lib.rs
+++ b/ibc-core/ics26-routing/types/src/lib.rs
@@ -1,7 +1,7 @@
 #![no_std]
 #![forbid(unsafe_code)]
 #![cfg_attr(not(test), deny(clippy::unwrap_used))]
-#![cfg_attr(not(test), deny(clippy::disallowed_methods, clippy::disallowed_types,))]
+#![cfg_attr(not(test), deny(clippy::disallowed_methods, clippy::disallowed_types))]
 #![deny(
     warnings,
     trivial_numeric_casts,
@@ -18,7 +18,3 @@ extern crate std;
 pub mod error;
 pub mod event;
 pub mod module;
-
-pub mod primitives {
-    pub use ibc_primitives::*;
-}
diff --git a/ibc-testkit/README.md b/ibc-testkit/README.md
index 31715e9c6..75f01e5d4 100644
--- a/ibc-testkit/README.md
+++ b/ibc-testkit/README.md
@@ -5,3 +5,6 @@ implementations, fulfilling a dual role of enabling rigorous integration testing
 for the [`ibc-rs`](https://github.com/cosmos/ibc-rs) implementation while also
 aiding host chains in addressing a broad spectrum of testing scenarios during
 their integrations with `ibc-rs`.
+
+- Note: `ibc-testkit` currently only supports `std` environments. See this
+  [issue](https://github.com/cosmos/ibc-rs/issues/329) for more details.