diff --git a/CHANGELOG.md b/CHANGELOG.md
index e9fc70a77d..77527c70dc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -42,6 +42,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Features
 
+* (codec) [#17042](https://github.com/cosmos/cosmos-sdk/pull/17042) Add `CollValueV2` which supports encoding of protov2 messages in collections.
 * (baseapp) [#16898](https://github.com/cosmos/cosmos-sdk/pull/16898) Add `preFinalizeBlockHook` to allow vote extensions persistence.
 * (cli) [#16887](https://github.com/cosmos/cosmos-sdk/pull/16887) Add two new CLI commands: `<appd> tx simulate` for simulating a transaction; `<appd> query block-results` for querying CometBFT RPC for block results.
 * (x/gov) [#16976](https://github.com/cosmos/cosmos-sdk/pull/16976) Add `failed_reason` field to `Proposal` under `x/gov` to indicate the reason for a failed proposal. Referenced from [#238](https://github.com/bnb-chain/greenfield-cosmos-sdk/pull/238) under `bnb-chain/greenfield-cosmos-sdk`.
@@ -59,7 +60,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 * (cli) [#14659](https://github.com/cosmos/cosmos-sdk/pull/14659) Added ability to query blocks by events with queries directly passed to Tendermint, which will allow for full query operator support, e.g. `>`.
 * (x/gov) [#14720](https://github.com/cosmos/cosmos-sdk/pull/14720) Upstream expedited proposals from Osmosis.
 * (x/auth) [#14650](https://github.com/cosmos/cosmos-sdk/pull/14650) Add Textual SignModeHandler. It is however **NOT** enabled by default, and should only be used for **TESTING** purposes until `SIGN_MODE_TEXTUAL` is fully released.
-* (x/crisis) [#14588](https://github.com/cosmos/cosmos-sdk/pull/14588) Use CacheContext() in AssertInvariants()
+* (x/crisis) [#14588](https://github.com/cosmos/cosmos-sdk/pull/14588) Use CacheContext() in AssertInvariants().
 * (client) [#14342](https://github.com/cosmos/cosmos-sdk/pull/14342) Add `<app> config` command is now a sub-command, for setting, getting and migrating Cosmos SDK configuration files.
 * (query) [#14468](https://github.com/cosmos/cosmos-sdk/pull/14468) Implement pagination for collections.
 * (x/distribution) [#14322](https://github.com/cosmos/cosmos-sdk/pull/14322) Introduce a new gRPC message handler, `DepositValidatorRewardsPool`, that allows explicit funding of a validator's reward pool.
@@ -73,7 +74,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 * (types/simulation) [#16074](https://github.com/cosmos/cosmos-sdk/pull/16074) Add generic SimulationStoreDecoder for modules using collections.
 * (cli) [#16209](https://github.com/cosmos/cosmos-sdk/pull/16209) Make `StartCmd` more customizable.
 * (types) [#16257](https://github.com/cosmos/cosmos-sdk/pull/16257) Allow setting the base denom in the denom registry.
-* (genutil) [#16046](https://github.com/cosmos/cosmos-sdk/pull/16046) Add "module-name" flag to genutil add-genesis-account to enable intializing module accounts at genesis.
+* (genutil) [#16046](https://github.com/cosmos/cosmos-sdk/pull/16046) Add "module-name" flag to genutil `add-genesis-account` to enable intializing module accounts at genesis.
 
 ### Improvements
 
diff --git a/codec/collections.go b/codec/collections.go
index c58da9cb8e..12f1c396d5 100644
--- a/codec/collections.go
+++ b/codec/collections.go
@@ -6,6 +6,8 @@ import (
 
 	"github.com/cosmos/gogoproto/proto"
 	gogotypes "github.com/cosmos/gogoproto/types"
+	"google.golang.org/protobuf/encoding/protojson"
+	protov2 "google.golang.org/protobuf/proto"
 
 	"cosmossdk.io/collections"
 	collcodec "cosmossdk.io/collections/codec"
@@ -51,10 +53,13 @@ type protoMessage[T any] interface {
 
 // CollValue inits a collections.ValueCodec for a generic gogo protobuf message.
 func CollValue[T any, PT protoMessage[T]](cdc BinaryCodec) collcodec.ValueCodec[T] {
-	return &collValue[T, PT]{cdc.(Codec)}
+	return &collValue[T, PT]{cdc.(Codec), proto.MessageName(PT(new(T)))}
 }
 
-type collValue[T any, PT protoMessage[T]] struct{ cdc Codec }
+type collValue[T any, PT protoMessage[T]] struct {
+	cdc         Codec
+	messageName string
+}
 
 func (c collValue[T, PT]) Encode(value T) ([]byte, error) {
 	return c.cdc.Marshal(PT(&value))
@@ -79,7 +84,51 @@ func (c collValue[T, PT]) Stringify(value T) string {
 }
 
 func (c collValue[T, PT]) ValueType() string {
-	return "gogoproto/" + proto.MessageName(PT(new(T)))
+	return "github.com/cosmos/gogoproto/" + c.messageName
+}
+
+type protoMessageV2[T any] interface {
+	*T
+	protov2.Message
+}
+
+// CollValueV2 is used for protobuf values of the newest google.golang.org/protobuf API.
+func CollValueV2[T any, PT protoMessageV2[T]]() collcodec.ValueCodec[PT] {
+	return &collValue2[T, PT]{
+		messageName: string(PT(new(T)).ProtoReflect().Descriptor().FullName()),
+	}
+}
+
+type collValue2[T any, PT protoMessageV2[T]] struct {
+	messageName string
+}
+
+func (c collValue2[T, PT]) Encode(value PT) ([]byte, error) {
+	return protov2.Marshal(value)
+}
+
+func (c collValue2[T, PT]) Decode(b []byte) (PT, error) {
+	var value T
+	err := protov2.Unmarshal(b, PT(&value))
+	return &value, err
+}
+
+func (c collValue2[T, PT]) EncodeJSON(value PT) ([]byte, error) {
+	return protojson.Marshal(value)
+}
+
+func (c collValue2[T, PT]) DecodeJSON(b []byte) (PT, error) {
+	var value T
+	err := protojson.Unmarshal(b, PT(&value))
+	return &value, err
+}
+
+func (c collValue2[T, PT]) Stringify(value PT) string {
+	return fmt.Sprintf("%v", value)
+}
+
+func (c collValue2[T, PT]) ValueType() string {
+	return "google.golang.org/protobuf/" + c.messageName
 }
 
 // CollInterfaceValue instantiates a new collections.ValueCodec for a generic
diff --git a/codec/collections_test.go b/codec/collections_test.go
index 3183c9228a..5aff0e0e06 100644
--- a/codec/collections_test.go
+++ b/codec/collections_test.go
@@ -4,7 +4,10 @@ import (
 	"testing"
 
 	gogotypes "github.com/cosmos/gogoproto/types"
+	"github.com/google/go-cmp/cmp"
 	"github.com/stretchr/testify/require"
+	"google.golang.org/protobuf/testing/protocmp"
+	"google.golang.org/protobuf/types/known/wrapperspb"
 
 	"cosmossdk.io/collections/colltest"
 
@@ -21,6 +24,28 @@ func TestCollectionsCorrectness(t *testing.T) {
 		})
 	})
 
+	t.Run("CollValueV2", func(t *testing.T) {
+		// NOTE: we cannot use colltest.TestValueCodec because protov2 has different
+		// compare semantics than protov1. We need to use protocmp.Transform() alongside
+		// cmp to ensure equality.
+		encoder := codec.CollValueV2[wrapperspb.UInt64Value]()
+		value := &wrapperspb.UInt64Value{Value: 500}
+		encodedValue, err := encoder.Encode(value)
+		require.NoError(t, err)
+		decodedValue, err := encoder.Decode(encodedValue)
+		require.NoError(t, err)
+		require.True(t, cmp.Equal(value, decodedValue, protocmp.Transform()), "encoding and decoding produces different values")
+
+		encodedJSONValue, err := encoder.EncodeJSON(value)
+		require.NoError(t, err)
+		decodedJSONValue, err := encoder.DecodeJSON(encodedJSONValue)
+		require.NoError(t, err)
+		require.True(t, cmp.Equal(value, decodedJSONValue, protocmp.Transform()), "encoding and decoding produces different values")
+		require.NotEmpty(t, encoder.ValueType())
+
+		_ = encoder.Stringify(value)
+	})
+
 	t.Run("BoolValue", func(t *testing.T) {
 		colltest.TestValueCodec(t, codec.BoolValue, true)
 		colltest.TestValueCodec(t, codec.BoolValue, false)