diff --git a/Makefile b/Makefile
index 32f0a1aa..a67f4342 100644
--- a/Makefile
+++ b/Makefile
@@ -1,6 +1,6 @@
 .PHONY: build-keria
 
-VERSION=0.2.0-dev3
+VERSION=0.2.0-rc1
 
 define DOCKER_WARNING
 In order to use the multi-platform build enable the containerd image store
diff --git a/setup.py b/setup.py
index 38b7b4b6..348e3f90 100644
--- a/setup.py
+++ b/setup.py
@@ -34,7 +34,7 @@
 
 setup(
     name='keria',
-    version='0.2.0-dev3',  # also change in src/keria/__init__.py
+    version='0.2.0-rc1',  # also change in src/keria/__init__.py
     license='Apache Software License 2.0',
     description='KERIA: KERI Agent in the cloud',
     long_description="KERIA: KERI Agent in the cloud.",
@@ -76,7 +76,7 @@
     python_requires='>=3.12.2',
     install_requires=[
         'hio>=0.6.14',
-        'keri==1.2.0.dev13',
+        'keri==1.2.0-rc3',
         'mnemonic>=0.21',
         'multicommand>=1.0.0',
         'falcon>=3.1.3',
diff --git a/src/keria/__init__.py b/src/keria/__init__.py
index 323e2bbf..babcc040 100644
--- a/src/keria/__init__.py
+++ b/src/keria/__init__.py
@@ -3,5 +3,5 @@
 main package
 """
 
-__version__ = '0.2.0-dev3'  # also change in setup.py
+__version__ = '0.2.0-rc1'  # also change in setup.py