diff --git a/Cargo.lock b/Cargo.lock
index 8a21e65e1..b8bcd71ac 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -4004,9 +4004,9 @@ dependencies = [
 
 [[package]]
 name = "scale-value"
-version = "0.16.2"
+version = "0.16.3"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "ba4d772cfb7569e03868400344a1695d16560bf62b86b918604773607d39ec84"
+checksum = "8cd6ab090d823e75cfdb258aad5fe92e13f2af7d04b43a55d607d25fcc38c811"
 dependencies = [
  "base58",
  "blake2",
diff --git a/Cargo.toml b/Cargo.toml
index 4883000e8..65f9dcb3e 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -24,7 +24,7 @@ tokio = { version = "1.39", features = ["macros", "rt-multi-thread", "sync", "si
 pin-project-lite = "0.2"
 
 # subxt
-scale-value = "0.16.2"
+scale-value = "0.16.3"
 subxt = { version = "0.37.0", features = ["substrate-compat"] }
 
 # polkadot-sdk