diff --git a/CHANGELOG.md b/CHANGELOG.md
index ab5cffe6..9c34e80d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -64,7 +64,7 @@ Ref: https://keepachangelog.com/en/1.0.0/
 
 ### Improvements
 
-* (deps) [tharsis#360](https://github.com/tharsis/ethermint/pull/360) Bump ibc-go to [`v1.0.0-rc2`](https://github.com/cosmos/ibc-go/releases/tag/v1.0.0-rc2)
+* (deps) [tharsis#374](https://github.com/tharsis/ethermint/pull/374) Bump ibc-go to [`v1.0.0-rc3`](https://github.com/cosmos/ibc-go/releases/tag/v1.0.0-rc3)
 * (gRPC) [tharsis#239](https://github.com/tharsis/ethermint/pull/239) Query `ChainConfig` via gRPC.
 * (rpc) [tharsis#181](https://github.com/tharsis/ethermint/pull/181) Use evm denomination for params on tx fee.
 * (deps) [tharsis#165](https://github.com/tharsis/ethermint/pull/165), [tharsis#298](https://github.com/tharsis/ethermint/pull/298) Bump Cosmos SDK and Tendermint versions to [v0.43.0-rc1](https://github.com/cosmos/cosmos-sdk/releases/tag/v0.43.0-rc1) and [v0.34.11](https://github.com/tendermint/tendermint/releases/tag/v0.34.11), respectively.
diff --git a/go.mod b/go.mod
index 40b6c6b3..c6354002 100644
--- a/go.mod
+++ b/go.mod
@@ -13,7 +13,7 @@ require (
 	github.com/cespare/cp v1.1.1 // indirect
 	github.com/cosmos/cosmos-sdk v0.43.0-rc2
 	github.com/cosmos/go-bip39 v1.0.0
-	github.com/cosmos/ibc-go v1.0.0-rc2
+	github.com/cosmos/ibc-go v1.0.0-rc3
 	github.com/deckarep/golang-set v1.7.1 // indirect
 	github.com/ethereum/go-ethereum v1.10.3
 	github.com/gofrs/uuid v4.0.0+incompatible // indirect
diff --git a/go.sum b/go.sum
index 7d3a4f42..38388561 100644
--- a/go.sum
+++ b/go.sum
@@ -218,8 +218,8 @@ github.com/cosmos/iavl v0.15.0-rc5/go.mod h1:WqoPL9yPTQ85QBMT45OOUzPxG/U/JcJoN7u
 github.com/cosmos/iavl v0.15.3/go.mod h1:OLjQiAQ4fGD2KDZooyJG9yz+p2ao2IAYSbke8mVvSA4=
 github.com/cosmos/iavl v0.16.0 h1:ICIOB8xysirTX27GmVAaoeSpeozzgSu9d49w36xkVJA=
 github.com/cosmos/iavl v0.16.0/go.mod h1:2A8O/Jz9YwtjqXMO0CjnnbTYEEaovE8jWcwrakH3PoE=
-github.com/cosmos/ibc-go v1.0.0-rc2 h1:o91k083TEJ4ZDLjLxI04Zak9baCwQueBAoTYpD9J5vA=
-github.com/cosmos/ibc-go v1.0.0-rc2/go.mod h1:MS2qxy0CmhLrh/FDu7lxaN5KgRrlktxn3XZkOp90Ya0=
+github.com/cosmos/ibc-go v1.0.0-rc3 h1:2nQnA0A6bGazwcGdqOitU1yNplFR9cbpvAGrGR4LanQ=
+github.com/cosmos/ibc-go v1.0.0-rc3/go.mod h1:MS2qxy0CmhLrh/FDu7lxaN5KgRrlktxn3XZkOp90Ya0=
 github.com/cosmos/ledger-cosmos-go v0.11.1 h1:9JIYsGnXP613pb2vPjFeMMjBI5lEDsEaF6oYorTy6J4=
 github.com/cosmos/ledger-cosmos-go v0.11.1/go.mod h1:J8//BsAGTo3OC/vDLjMRFLW6q0WAaXvHnVc7ZmE8iUY=
 github.com/cosmos/ledger-go v0.9.2 h1:Nnao/dLwaVTk1Q5U9THldpUMMXU94BOTWPddSmVB6pI=