diff --git a/packages/contracts/package.json b/packages/contracts/package.json
index 2434fada2..91a4770ab 100644
--- a/packages/contracts/package.json
+++ b/packages/contracts/package.json
@@ -31,7 +31,7 @@
     "@nomiclabs/hardhat-etherscan": "^2.1.2",
     "@nomiclabs/hardhat-truffle5": "^2.0.0",
     "@nomiclabs/hardhat-web3": "^2.0.0",
-    "@openzeppelin/contracts": "^3.3.0",
+    "@openzeppelin/contracts": "^5.1.0",
     "@openzeppelin/test-helpers": "^0.5.10",
     "eth-gas-reporter": "^0.2.22",
     "hardhat": "^2.6.1",
diff --git a/yarn.lock b/yarn.lock
index 80cda733e..b1e620252 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1774,7 +1774,7 @@ __metadata:
     "@nomiclabs/hardhat-etherscan": ^2.1.2
     "@nomiclabs/hardhat-truffle5": ^2.0.0
     "@nomiclabs/hardhat-web3": ^2.0.0
-    "@openzeppelin/contracts": ^3.3.0
+    "@openzeppelin/contracts": ^5.1.0
     "@openzeppelin/test-helpers": ^0.5.10
     decimal.js: ^10.2.0
     eth-gas-reporter: ^0.2.22
@@ -2995,10 +2995,10 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@openzeppelin/contracts@npm:^3.3.0":
-  version: 3.4.1
-  resolution: "@openzeppelin/contracts@npm:3.4.1"
-  checksum: e42ad730179764de75ddfbca740def7f536181271e11d5276bfd750d89188a3788ee39152b6edaa0bbd66611a450e681c6a139a59e97e23b51a89bd2584a79ae
+"@openzeppelin/contracts@npm:^5.1.0":
+  version: 5.1.0
+  resolution: "@openzeppelin/contracts@npm:5.1.0"
+  checksum: dd42b4b331912cc743bc7eb27c8cf9e78249909c065bb59513c00d66941444c085c4e3b2ebf1cdd89535c26497fc994a7ab028b3c88858b636694e3c9c2d622f
   languageName: node
   linkType: hard