diff --git a/.github/workflows/rust.yml b/.github/workflows/rust.yml
index 5c3ca97fd..973c44d6a 100644
--- a/.github/workflows/rust.yml
+++ b/.github/workflows/rust.yml
@@ -57,10 +57,10 @@ jobs:
     steps:
     - uses: actions/checkout@v3
     - run: rustup update
-    - uses: stellar/binaries@v30
+    - uses: stellar/binaries@v37
       with:
         name: cargo-semver-checks
-        version: 0.35.0
+        version: 0.40.0
     - run: cargo semver-checks
 
   build-and-test:
@@ -103,8 +103,8 @@ jobs:
     - run: rustup update
     - run: cargo version
     - run: rustup target add ${{ matrix.sys.target }}
-    - run: rustup target add wasm32-unknown-unknown
-    - uses: stellar/binaries@v18
+    - run: rustup target add wasm32v1-none
+    - uses: stellar/binaries@v37
       with:
         name: cargo-hack
         version: 0.5.28
@@ -112,10 +112,10 @@ jobs:
       name: Clear test snapshots for checking no diffs exists after test run
       run: rm -fr **/test_snapshots
     - name: Build for wasm
-      run: cargo-hack hack build --target wasm32-unknown-unknown --profile release
+      run: cargo-hack hack build --target wasm32v1-none --profile release --workspace --exclude soroban-spec --exclude soroban-spec-rust --exclude soroban-ledger-snapshot
     - name: Wasm Size
       run: |
-        cd target/wasm32-unknown-unknown/release/ && \
+        cd target/wasm32v1-none/release/ && \
           for i in *.wasm ; do \
             ls -l "$i"; \
           done
@@ -138,10 +138,10 @@ jobs:
     - uses: actions/checkout@v3
     - uses: stellar/actions/rust-cache@main
     - run: rustup install nightly
-    - uses: stellar/binaries@v15
+    - uses: stellar/binaries@v37
       with:
         name: cargo-fuzz
-        version: 0.11.2
+        version: 0.12.0
     - run: make build-fuzz
     - name: Check no diffs exist
       run: git add -N . && git diff HEAD --exit-code
@@ -182,7 +182,7 @@ jobs:
       matrix:
         sys:
         - os: ubuntu-latest
-          target: wasm32-unknown-unknown
+          target: wasm32v1-none
           cargo-hack-feature-options: ''
         - os: ubuntu-latest
           target: x86_64-unknown-linux-gnu
diff --git a/CONTRIBUTING.md b/CONTRIBUTING.md
index 9747c64be..df0acb4ac 100644
--- a/CONTRIBUTING.md
+++ b/CONTRIBUTING.md
@@ -13,14 +13,14 @@ curl --proto '=https' --tlsv1.2 -sSf https://sh.rustup.rs | sh
 Install rust stable:
 ```
 rustup install stable
-rustup +stable target add wasm32-unknown-unknown
+rustup +stable target add wasm32v1-none
 rustup +stable component add rust-src
 ```
 
 Install rust nightly:
 ```
 rustup install nightly
-rustup +nightly target add wasm32-unknown-unknown
+rustup +nightly target add wasm32v1-none
 rustup +nightly component add rust-src
 ```
 
diff --git a/Cargo.toml b/Cargo.toml
index 2d1951e6e..98e292175 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -13,7 +13,7 @@ members = [
 
 [workspace.package]
 version = "22.0.7"
-rust-version = "1.79.0"
+rust-version = "1.84.0"
 
 [workspace.dependencies]
 soroban-sdk = { version = "22.0.7", path = "soroban-sdk" }
diff --git a/Makefile b/Makefile
index 53e41999c..998048171 100644
--- a/Makefile
+++ b/Makefile
@@ -3,6 +3,9 @@ all: check test
 export RUSTFLAGS=-Dwarnings
 
 CARGO_DOC_ARGS?=--open
+NATIVE_ONLY_CRATES:=soroban-spec soroban-spec-rust soroban-ledger-snapshot
+NATIVE_PACKAGE_ARGS:=$(foreach i,$(NATIVE_ONLY_CRATES), --package $(i))
+WASM_EXCLUDE_ARGS:=$(foreach i,$(NATIVE_ONLY_CRATES), --exclude $(i))
 
 doc: fmt
 	cargo test --doc -p soroban-sdk -p soroban-sdk-macros --features testutils,hazmat
@@ -12,15 +15,16 @@ test: fmt build
 	cargo hack --feature-powerset --ignore-unknown-features --features testutils --exclude-features docs test
 
 build: fmt
-	cargo hack build --target wasm32-unknown-unknown --release
-	cd target/wasm32-unknown-unknown/release/ && \
+	cargo hack build --release $(NATIVE_PACKAGE_ARGS)
+	cargo hack build --target wasm32v1-none --release --workspace $(WASM_EXCLUDE_ARGS)
+	cd target/wasm32v1-none/release/ && \
 		for i in *.wasm ; do \
 			ls -l "$$i"; \
 		done
 
 check: build fmt
 	cargo hack --feature-powerset --exclude-features docs check
-	cargo hack check --release --target wasm32-unknown-unknown
+	cargo hack check --release --target wasm32v1-none --workspace $(WASM_EXCLUDE_ARGS)
 
 build-fuzz:
 	cd tests/fuzz/fuzz && cargo +nightly fuzz check
diff --git a/deny.toml b/deny.toml
index bfb266ad9..1501ce22e 100644
--- a/deny.toml
+++ b/deny.toml
@@ -21,7 +21,7 @@
 # list here is effectively saying which targets you are building for.
 targets = [
     { triple = "x86_64-unknown-linux-gnu" },
-    { triple = "wasm32-unknown-unknown" }
+    { triple = "wasm32v1-none" }
     # The triple can be any string, but only the target triples built in to
     # rustc (as of 1.40) can be checked against actual config expressions
     #{ triple = "x86_64-unknown-linux-musl" },
diff --git a/rust-toolchain.toml b/rust-toolchain.toml
index 90ff24e80..2f28ebc44 100644
--- a/rust-toolchain.toml
+++ b/rust-toolchain.toml
@@ -1,4 +1,4 @@
 [toolchain]
-channel = "1.81"
-targets = ["wasm32-unknown-unknown"]
+channel = "stable"
+targets = ["wasm32v1-none"]
 components = ["rustc", "cargo", "rustfmt", "clippy", "rust-src"]
diff --git a/soroban-sdk/src/alloc.rs b/soroban-sdk/src/alloc.rs
index 492416fb3..4e4abb8d6 100644
--- a/soroban-sdk/src/alloc.rs
+++ b/soroban-sdk/src/alloc.rs
@@ -76,6 +76,7 @@ pub struct BumpPointer;
 
 unsafe impl GlobalAlloc for BumpPointer {
     #[inline(always)]
+    #[allow(static_mut_refs)]
     unsafe fn alloc(&self, layout: Layout) -> *mut u8 {
         let (bytes, align) = (layout.size(), layout.align());
         let ptr = LOCAL_ALLOCATOR.alloc(bytes, align);
diff --git a/soroban-sdk/src/lib.rs b/soroban-sdk/src/lib.rs
index 0461ac237..c070feb53 100644
--- a/soroban-sdk/src/lib.rs
+++ b/soroban-sdk/src/lib.rs
@@ -59,34 +59,12 @@ pub mod _migrating;
 compile_error!("'testutils' feature is not supported on 'wasm' target");
 
 // When used in a no_std contract, provide a panic handler as one is required.
-#[cfg(all(not(feature = "alloc"), target_family = "wasm"))]
+#[cfg(target_family = "wasm")]
 #[panic_handler]
 fn handle_panic(_: &core::panic::PanicInfo) -> ! {
     core::arch::wasm32::unreachable()
 }
 
-// This is a bit subtle: we want to provide a narrowly-scoped feature `"alloc"`
-// that provides support for the `alloc` crate and its types, while using our
-// allocator (defined below in module `alloc`). We want to do this without
-// changing the user-interface a lot (in particular keeping users writing
-// `#[no_std]` and mostly not-using the stdlib casually, because it has many
-// components that produce large code footprint).
-//
-// This is _almost_ possible without involving `std` but unfortunately there's
-// still an allocation-error handler (`alloc_error_handler`) that there's no
-// stable way to install if one only uses the `alloc` crate, so we pull in a
-// dependency on `std` here (for now). When the stabilization of the allocation
-// error handler registration function happens in some future Rust version, or
-// it gets removed which it looks like work is heading towards instead, we can
-// remove std.
-//
-// See these issues for more details:
-// - https://github.com/rust-lang/rust/issues/51540
-// - https://github.com/rust-lang/rust/issues/66740
-// - https://github.com/rust-lang/rust/issues/66741
-#[cfg(all(feature = "alloc", target_family = "wasm"))]
-extern crate std;
-
 // Here we provide a `#[global_allocator]` that is a minimal non-freeing bump
 // allocator, appropriate for a WASM blob that runs a single contract call.
 #[cfg(all(feature = "alloc", target_family = "wasm"))]
diff --git a/soroban-sdk/src/tests/contractimport.rs b/soroban-sdk/src/tests/contractimport.rs
index bccd95dcc..d769cd74d 100644
--- a/soroban-sdk/src/tests/contractimport.rs
+++ b/soroban-sdk/src/tests/contractimport.rs
@@ -5,16 +5,12 @@ use stellar_xdr::{ScSpecEntry, ScSpecFunctionInputV0, ScSpecFunctionV0, ScSpecTy
 
 mod addcontract {
     use crate as soroban_sdk;
-    soroban_sdk::contractimport!(
-        file = "../target/wasm32-unknown-unknown/release/test_add_u64.wasm"
-    );
+    soroban_sdk::contractimport!(file = "../target/wasm32v1-none/release/test_add_u64.wasm");
 }
 
 mod addcontract_u128 {
     use crate as soroban_sdk;
-    soroban_sdk::contractimport!(
-        file = "../target/wasm32-unknown-unknown/release/test_add_u128.wasm"
-    );
+    soroban_sdk::contractimport!(file = "../target/wasm32v1-none/release/test_add_u128.wasm");
 }
 
 mod subcontract {
diff --git a/soroban-sdk/src/tests/contractimport_with_error.rs b/soroban-sdk/src/tests/contractimport_with_error.rs
index fba3aa1f3..5063a6d64 100644
--- a/soroban-sdk/src/tests/contractimport_with_error.rs
+++ b/soroban-sdk/src/tests/contractimport_with_error.rs
@@ -3,9 +3,7 @@ use soroban_sdk::{contract, contractimpl, symbol_short, Address, Env, Symbol};
 
 mod errcontract {
     use crate as soroban_sdk;
-    soroban_sdk::contractimport!(
-        file = "../target/wasm32-unknown-unknown/release/test_errors.wasm"
-    );
+    soroban_sdk::contractimport!(file = "../target/wasm32v1-none/release/test_errors.wasm");
 }
 
 #[contract]
diff --git a/soroban-spec-rust/src/lib.rs b/soroban-spec-rust/src/lib.rs
index be075710e..73319d99e 100644
--- a/soroban-spec-rust/src/lib.rs
+++ b/soroban-spec-rust/src/lib.rs
@@ -123,8 +123,7 @@ mod test {
     use super::{generate, ToFormattedString};
     use soroban_spec::read::from_wasm;
 
-    const EXAMPLE_WASM: &[u8] =
-        include_bytes!("../../target/wasm32-unknown-unknown/release/test_udt.wasm");
+    const EXAMPLE_WASM: &[u8] = include_bytes!("../../target/wasm32v1-none/release/test_udt.wasm");
 
     #[test]
     fn example() {
diff --git a/tests/alloc/src/test.rs b/tests/alloc/src/test.rs
index 37c21a097..52177afbe 100644
--- a/tests/alloc/src/test.rs
+++ b/tests/alloc/src/test.rs
@@ -4,9 +4,7 @@ use soroban_sdk::{testutils::EnvTestConfig, vec, Env};
 use crate::{Contract, ContractClient};
 
 mod imported {
-    soroban_sdk::contractimport!(
-        file = "../../target/wasm32-unknown-unknown/release/test_alloc.wasm"
-    );
+    soroban_sdk::contractimport!(file = "../../target/wasm32v1-none/release/test_alloc.wasm");
 }
 
 macro_rules! tests {
diff --git a/tests/import_contract/src/lib.rs b/tests/import_contract/src/lib.rs
index 19daa3de2..33af0f5c6 100644
--- a/tests/import_contract/src/lib.rs
+++ b/tests/import_contract/src/lib.rs
@@ -2,9 +2,7 @@
 use soroban_sdk::{contract, contractimpl, Address, Env};
 
 mod addcontract {
-    soroban_sdk::contractimport!(
-        file = "../../target/wasm32-unknown-unknown/release/test_add_u64.wasm"
-    );
+    soroban_sdk::contractimport!(file = "../../target/wasm32v1-none/release/test_add_u64.wasm");
 }
 
 #[contract]