diff --git a/CHANGELOG.md b/CHANGELOG.md
index 9fa7614..30c51e7 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -14,6 +14,7 @@ Description of the upcoming release here.
 - [#4](https://github.com/FuelLabs/sway-standard-implementations/pull/4) Adds initial CI.
 - [#1](https://github.com/FuelLabs/sway-standard-implementations/pull/1) Adds an implementation of SRC-14: Owned Proxy.
 - [#8](https://github.com/FuelLabs/sway-standard-implementations/pull/8) Adds SRC-14 owned proxy usage scripts and docs.
+- [#10](https://github.com/FuelLabs/sway-standard-implementations/pull/10) Sets owned_proxy sway-libs dependency to version v0.23.0.
 
 ### Changed
 
diff --git a/src14/owned_proxy/contract/Forc.lock b/src14/owned_proxy/contract/Forc.lock
index 4c1e87c..d70cbfb 100644
--- a/src14/owned_proxy/contract/Forc.lock
+++ b/src14/owned_proxy/contract/Forc.lock
@@ -28,7 +28,7 @@ dependencies = ["core"]
 
 [[package]]
 name = "sway_libs"
-source = "git+https://github.com/FuelLabs/sway-libs?branch=master#51876797c76b8d1777b1c179e5f5725ae1b2cbb3"
+source = "git+https://github.com/FuelLabs/sway-libs?tag=v0.23.0#9987d8ae11b1d82d42524794829c216b607916c5"
 dependencies = [
     "standards git+https://github.com/FuelLabs/sway-standards?tag=v0.5.0#348f7175df4c012b23c86cdb18aab79025ca1f18",
     "std",
diff --git a/src14/owned_proxy/contract/Forc.toml b/src14/owned_proxy/contract/Forc.toml
index 947ff3e..76d5ef5 100644
--- a/src14/owned_proxy/contract/Forc.toml
+++ b/src14/owned_proxy/contract/Forc.toml
@@ -6,5 +6,4 @@ name = "src14_owned_proxy"
 
 [dependencies]
 standards = { git = "https://github.com/FuelLabs/sway-standards", tag = "v0.5.1" }
-# TODO: use latest release that includes upgradeability lib
-sway_libs = { git = "https://github.com/FuelLabs/sway-libs", branch = "master" }
+sway_libs = { git = "https://github.com/FuelLabs/sway-libs", tag = "v0.23.0" }