diff --git a/packages/financial-templates-lib/package.json b/packages/financial-templates-lib/package.json
index 251bd5f4fc..34a8b53c95 100644
--- a/packages/financial-templates-lib/package.json
+++ b/packages/financial-templates-lib/package.json
@@ -40,7 +40,7 @@
     "sinon": "^9.0.2",
     "web3-core": "^1.6.0",
     "web3-eth-contract": "^1.6.0",
-    "web3-utils": "^1.6.0"
+    "web3-utils": "^4.2.1"
   },
   "homepage": "https://umaproject.org",
   "license": "AGPL-3.0-or-later",
diff --git a/yarn.lock b/yarn.lock
index 9c28b01073..623fa7f085 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3619,11 +3619,23 @@
   resolved "https://registry.yarnpkg.com/@napi-rs/triples/-/triples-1.2.0.tgz#bcd9c936acb93890e7015818e0181f3db421aafa"
   integrity sha512-HAPjR3bnCsdXBsATpDIP5WCrw0JcACwhhrwIAQhiR46n+jm+a2F8kBsfseAuWtSyQ+H3Yebt2k43B5dy+04yMA==
 
+"@noble/curves@1.3.0", "@noble/curves@~1.3.0":
+  version "1.3.0"
+  resolved "https://registry.yarnpkg.com/@noble/curves/-/curves-1.3.0.tgz#01be46da4fd195822dab821e72f71bf4aeec635e"
+  integrity sha512-t01iSXPuN+Eqzb4eBX0S5oubSqXbK/xXa1Ne18Hj8f9pStxztHCE2gfboSp/dZRLSqfuLpRK2nDXDK+W9puocA==
+  dependencies:
+    "@noble/hashes" "1.3.3"
+
 "@noble/hashes@1.2.0", "@noble/hashes@~1.2.0":
   version "1.2.0"
   resolved "https://registry.yarnpkg.com/@noble/hashes/-/hashes-1.2.0.tgz#a3150eeb09cc7ab207ebf6d7b9ad311a9bdbed12"
   integrity sha512-FZfhjEDbT5GRswV3C6uvLPHMiVD6lQBmpoX5+eSiPaMTXte/IKqI5dykDxzZB/WBeK/CDuQRBWarPdi3FNY2zQ==
 
+"@noble/hashes@1.3.3", "@noble/hashes@~1.3.2":
+  version "1.3.3"
+  resolved "https://registry.yarnpkg.com/@noble/hashes/-/hashes-1.3.3.tgz#39908da56a4adc270147bb07968bf3b16cfe1699"
+  integrity sha512-V7/fPHgl+jsVPXqqeOzT8egNj2iBIVt+ECeMMG8TdcnTikP3oaBtUVqpT/gYCR68aEBJSF+XbYUxStjbFMqIIA==
+
 "@noble/hashes@^1.2.0":
   version "1.3.0"
   resolved "https://registry.yarnpkg.com/@noble/hashes/-/hashes-1.3.0.tgz#085fd70f6d7d9d109671090ccae1d3bec62554a1"
@@ -3635,44 +3647,44 @@
   integrity sha512-hOUk6AyBFmqVrv7k5WAw/LpszxVbj9gGN4JRkIX52fdFAj1UA61KXmZDvqVEm+pOyec3+fIeZB02LYa/pWOArw==
 
 "@node-rs/crc32-android-arm64@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-android-arm64/-/crc32-android-arm64-1.9.1.tgz#f34e71cad679bc48a3ab8f8aa3542f8d361043e9"
-  integrity sha512-glJx4YstOlfF1jmtVBpmhwNsuE+qV0GnNUDQWQ134uGa+XWOpK/I/nSH+peGlmUEmy0YGeboe7h3M/ecBchcBA==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-android-arm64/-/crc32-android-arm64-1.10.0.tgz#8a926ad4ba8609c026b52d9b7dfa97e7591bfaa5"
+  integrity sha512-4vX1gB+rf3sYma/LLycmYsuFKolWdZX7tQOwLQ6PDwE7dAoN3mWAgS3RBw2G6PerGD9r90vSXWXPLJnF3OAhlw==
 
 "@node-rs/crc32-darwin-arm64@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-darwin-arm64/-/crc32-darwin-arm64-1.9.1.tgz#41b89028c7d65c2ea19dd2cb957ef2101474e2b8"
-  integrity sha512-IG5G4r5lZekKfw/lY4pzeSpZC3d4M46T6lOlG5084OGWUmMawAI1VgWFVWN5VsztdbN9vClDqixIH0txWY4KBg==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-darwin-arm64/-/crc32-darwin-arm64-1.10.0.tgz#fba0b3cf8f17c6f5768604d6d84decb44f332396"
+  integrity sha512-nAAdxZqxFBxqhI3ZMEGi7QDwg44N4laYO4iGIGhjLvsUDqJlYeIlqZ39Lh2gOK3D2uF/TaT4b0bU5EPHWnKMOQ==
 
 "@node-rs/crc32-darwin-x64@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-darwin-x64/-/crc32-darwin-x64-1.9.1.tgz#10fbdcb20924b5595a26dfec31732db20d93b259"
-  integrity sha512-Dr7Fqqw4FDb9Ui0dG/SO0ivnzkYqIdFxrn3ykz3cOfBMNpn2/m2nvxban0cgICbjl3M4lg0FOrCkoulym34uyg==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-darwin-x64/-/crc32-darwin-x64-1.10.0.tgz#3301fba789c59e75fcae1563c1bc635b57ee8325"
+  integrity sha512-0YhLJFDY7VAKlJ4+SdfZFY+u0X18tkuD3NCtPp1SYh1o9pWpFVBbTKWvdjjx/Ihqw0ozkfc3iewFJU7vlrDQJg==
 
 "@node-rs/crc32-linux-arm-gnueabihf@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-arm-gnueabihf/-/crc32-linux-arm-gnueabihf-1.9.1.tgz#c724a1709208233e95a284e5d79694c8df77b77e"
-  integrity sha512-XDXu30DH9sRpf6arLOi+0CGokKL/BEAZeWZ6/s8WVF7ft7EpyXKTAVQimrq0wKUuk/GisQRFgxrdfMYLDAIovg==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-arm-gnueabihf/-/crc32-linux-arm-gnueabihf-1.10.0.tgz#42c12d5aebd398409b28e84623e645002d13aaac"
+  integrity sha512-R3mN3uSZaslJtXW3NXdropB9tHCnOgbrvq7MtmCRpHi2Ie3E46Ohi8cW0HgHjihptafTf8NWsoYzErm39BTY0Q==
 
 "@node-rs/crc32-linux-arm64-gnu@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-arm64-gnu/-/crc32-linux-arm64-gnu-1.9.1.tgz#b557154d5264fc5ccec6a931a29177afd065d817"
-  integrity sha512-988Oq0/J0METxGui6DdDGeoMNVfoZoJ2krgXpY5/ZrLo9BL05gseWcEQvHH1AlzzRGAMgba+JBxCAX+XjiWsXA==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-arm64-gnu/-/crc32-linux-arm64-gnu-1.10.0.tgz#4a1849b882737c73541cf7141557ea12269161ee"
+  integrity sha512-2zZ2RQLVhjCWRWiLvz/CoP5BFld/zE/uD2Z9Nk+Y5zmJ11CD1RC3lqKG1M3MgEiQq9CnWJxwyy5kM2q4jDeXkg==
 
 "@node-rs/crc32-linux-x64-gnu@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-x64-gnu/-/crc32-linux-x64-gnu-1.9.1.tgz#ba2afccc2c5537e946f9aee80b3d57f0a792153d"
-  integrity sha512-D0tJRYa2Bg8EeD6iDe/SgQg81W2+75cGrl+0hK65qSCVLUHPVeIXVFzSheeL7XxMsKHLhv1rZpt+YmxP5GGHrw==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-x64-gnu/-/crc32-linux-x64-gnu-1.10.0.tgz#02c5bc402d783cce8d922240ebaba58c4ed07052"
+  integrity sha512-K/7aY/h8QngsLk0KsalQ3AlZ8ljXRisZgc20RcbB4UZkjl5AN6TeHQlVbx9U2MSBE5f6ViiZEr8c8CcID3W2Mg==
 
 "@node-rs/crc32-linux-x64-musl@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-x64-musl/-/crc32-linux-x64-musl-1.9.1.tgz#ddbd5745001f50a2da80272709860ce140bcdaba"
-  integrity sha512-WD0GHcQCNNMXwtb5NI7Y6WjXWBd8LEBUpo2XrMZstL8fEAWC0qGO7RsIaDclAAN2T/B7L74tud5yYVLm/c5XMw==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-linux-x64-musl/-/crc32-linux-x64-musl-1.10.0.tgz#07d0a1914652a3cf058e7cde5bc85f75a4106bbf"
+  integrity sha512-GyCSm+Dp96qUvqrsxKgfd3TFrE8v5sRUYiMgNKK6G1m7nQb/VXvab9UoBSKeFw131odt3LlIuBAuhMnbb4za5w==
 
 "@node-rs/crc32-win32-x64-msvc@^1.0.0":
-  version "1.9.1"
-  resolved "https://registry.yarnpkg.com/@node-rs/crc32-win32-x64-msvc/-/crc32-win32-x64-msvc-1.9.1.tgz#e44e392b5a66270efcb31772fa734c4cc2d4be42"
-  integrity sha512-HEg0560fHGUJJohxEHQYQeg/ITqaW9033PURG8M1S0rFmJpl2a7aeWouQRBDCfWJXSA2N1QIjRa3csMyULTKvg==
+  version "1.10.0"
+  resolved "https://registry.yarnpkg.com/@node-rs/crc32-win32-x64-msvc/-/crc32-win32-x64-msvc-1.10.0.tgz#9fe9a4f4020a330dc500421d7c8da805bab08fdd"
+  integrity sha512-6b99QpwNCQube1xleD+9IcF6foEWHYQYjuZrHAR5diuP/uqM7i+KCgMU9fbCFLs5zmssYHO3CQSZ8G+V0eC59g==
 
 "@node-rs/helper@^1.0.0":
   version "1.5.0"
@@ -4264,7 +4276,12 @@
   resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.1.0.tgz#baec89a7f5f73e3d8ea582a78f1980134b605375"
   integrity sha512-TihZitscnaHNcZgXGj9zDLDyCqjziytB4tMCwXq0XimfWkAjBYyk5/pOsDbbwcavhlc79HhpTEpQcrMnPVa1mw==
 
-"@openzeppelin/contracts@4.9.3", "@openzeppelin/contracts@^4.2.0", "@openzeppelin/contracts@^4.8.1":
+"@openzeppelin/contracts@4.9.6":
+  version "4.9.6"
+  resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.9.6.tgz#2a880a24eb19b4f8b25adc2a5095f2aa27f39677"
+  integrity sha512-xSmezSupL+y9VkHZJGDoCBpmnB2ogM13ccaYDWqJTfS3dbuHkgjuwDFUmaFauBCboQMGB/S5UqUl2y54X99BmA==
+
+"@openzeppelin/contracts@^4.2.0", "@openzeppelin/contracts@^4.8.1":
   version "4.9.3"
   resolved "https://registry.yarnpkg.com/@openzeppelin/contracts/-/contracts-4.9.3.tgz#00d7a8cf35a475b160b3f0293a6403c511099364"
   integrity sha512-He3LieZ1pP2TNt5JbkPA4PNT9WC3gOTOlDcFGJW4Le4QKqwmiNJCRt44APfxMxvq7OugU/cqYuPcSBzOw38DAg==
@@ -4467,6 +4484,11 @@
   resolved "https://registry.yarnpkg.com/@scure/base/-/base-1.1.1.tgz#ebb651ee52ff84f420097055f4bf46cfba403938"
   integrity sha512-ZxOhsSyxYwLJj3pLZCefNitxsj093tb2vq90mp2txoYeBqbcjDjqFhyM8eUjq/uFm6zJ+mUuqxlS2FkuSY1MTA==
 
+"@scure/base@~1.1.4":
+  version "1.1.6"
+  resolved "https://registry.yarnpkg.com/@scure/base/-/base-1.1.6.tgz#8ce5d304b436e4c84f896e0550c83e4d88cb917d"
+  integrity sha512-ok9AWwhcgYuGG3Zfhyqg+zwl+Wn5uE+dwC0NV/2qQkx4dABbb/bx96vWu8NSj+BNjjSjno+JRYRjle1jV08k3g==
+
 "@scure/bip32@1.1.5":
   version "1.1.5"
   resolved "https://registry.yarnpkg.com/@scure/bip32/-/bip32-1.1.5.tgz#d2ccae16dcc2e75bc1d75f5ef3c66a338d1ba300"
@@ -4476,6 +4498,15 @@
     "@noble/secp256k1" "~1.7.0"
     "@scure/base" "~1.1.0"
 
+"@scure/bip32@1.3.3":
+  version "1.3.3"
+  resolved "https://registry.yarnpkg.com/@scure/bip32/-/bip32-1.3.3.tgz#a9624991dc8767087c57999a5d79488f48eae6c8"
+  integrity sha512-LJaN3HwRbfQK0X1xFSi0Q9amqOgzQnnDngIt+ZlsBC3Bm7/nE7K0kwshZHyaru79yIVRv/e1mQAjZyuZG6jOFQ==
+  dependencies:
+    "@noble/curves" "~1.3.0"
+    "@noble/hashes" "~1.3.2"
+    "@scure/base" "~1.1.4"
+
 "@scure/bip39@1.1.1":
   version "1.1.1"
   resolved "https://registry.yarnpkg.com/@scure/bip39/-/bip39-1.1.1.tgz#b54557b2e86214319405db819c4b6a370cf340c5"
@@ -4484,6 +4515,14 @@
     "@noble/hashes" "~1.2.0"
     "@scure/base" "~1.1.0"
 
+"@scure/bip39@1.2.2":
+  version "1.2.2"
+  resolved "https://registry.yarnpkg.com/@scure/bip39/-/bip39-1.2.2.tgz#f3426813f4ced11a47489cbcf7294aa963966527"
+  integrity sha512-HYf9TUXG80beW+hGAt3TRM8wU6pQoYur9iNypTROm42dorCGmLnFe3eWjz3gOq6G62H2WRh0FCzAR1PI+29zIA==
+  dependencies:
+    "@noble/hashes" "~1.3.2"
+    "@scure/base" "~1.1.4"
+
 "@sentry/core@5.30.0":
   version "5.30.0"
   resolved "https://registry.yarnpkg.com/@sentry/core/-/core-5.30.0.tgz#6b203664f69e75106ee8b5a2fe1d717379b331f3"
@@ -11370,6 +11409,16 @@ ethereum-cryptography@^1.0.3:
     "@scure/bip32" "1.1.5"
     "@scure/bip39" "1.1.1"
 
+ethereum-cryptography@^2.0.0:
+  version "2.1.3"
+  resolved "https://registry.yarnpkg.com/ethereum-cryptography/-/ethereum-cryptography-2.1.3.tgz#1352270ed3b339fe25af5ceeadcf1b9c8e30768a"
+  integrity sha512-BlwbIL7/P45W8FGW2r7LGuvoEZ+7PWsniMvQ4p5s2xCyw9tmaDlpfsN9HjAucbF+t/qpVHwZUisgfK24TCW8aA==
+  dependencies:
+    "@noble/curves" "1.3.0"
+    "@noble/hashes" "1.3.3"
+    "@scure/bip32" "1.3.3"
+    "@scure/bip39" "1.2.2"
+
 ethereum-protocol@^1.0.1:
   version "1.0.1"
   resolved "https://registry.yarnpkg.com/ethereum-protocol/-/ethereum-protocol-1.0.1.tgz#b7d68142f4105e0ae7b5e178cf42f8d4dc4b93cf"
@@ -11719,6 +11768,11 @@ eventemitter3@^3.1.0:
   resolved "https://registry.yarnpkg.com/eventemitter3/-/eventemitter3-3.1.2.tgz#2d3d48f9c346698fce83a85d7d664e98535df6e7"
   integrity sha512-tvtQIeLVHjDkJYnzf2dgVMxfuSGJeM/7UCG17TT4EumTfNtF+0nebF/4zWOIkCreAbtNqhGEboB6BWrwqNaw4Q==
 
+eventemitter3@^5.0.1:
+  version "5.0.1"
+  resolved "https://registry.yarnpkg.com/eventemitter3/-/eventemitter3-5.0.1.tgz#53f5ffd0a492ac800721bb42c66b841de96423c4"
+  integrity sha512-GWkBvjiSZK87ELrYOSESUYeVIc9mvLLf/nXalMOS5dYrgZq9o5OVkbZAVM06CVxYsCwH9BDZFPlQTlPA1j4ahA==
+
 eventid@^2.0.0:
   version "2.0.1"
   resolved "https://registry.yarnpkg.com/eventid/-/eventid-2.0.1.tgz#574e860149457a79a2efe788c459f0c3062d02ec"
@@ -25043,6 +25097,13 @@ web3-core@1.9.0, web3-core@^1.6.0:
     web3-core-requestmanager "1.9.0"
     web3-utils "1.9.0"
 
+web3-errors@^1.1.4:
+  version "1.1.4"
+  resolved "https://registry.yarnpkg.com/web3-errors/-/web3-errors-1.1.4.tgz#5667a0a5f66fc936e101ef32032ccc1e8ca4d5a1"
+  integrity sha512-WahtszSqILez+83AxGecVroyZsMuuRT+KmQp4Si5P4Rnqbczno1k748PCrZTS1J4UCPmXMG2/Vt+0Bz2zwXkwQ==
+  dependencies:
+    web3-types "^1.3.1"
+
 web3-eth-abi@1.2.11:
   version "1.2.11"
   resolved "https://registry.yarnpkg.com/web3-eth-abi/-/web3-eth-abi-1.2.11.tgz#a887494e5d447c2926d557a3834edd66e17af9b0"
@@ -25617,6 +25678,11 @@ web3-shh@1.9.0:
     web3-core-subscriptions "1.9.0"
     web3-net "1.9.0"
 
+web3-types@^1.3.1, web3-types@^1.5.0:
+  version "1.5.0"
+  resolved "https://registry.yarnpkg.com/web3-types/-/web3-types-1.5.0.tgz#35b5c0ab149b0d566efeaed8ddaa40db159c748e"
+  integrity sha512-geWuMIeegQ8AedKAO6wO4G4j1gyQ1F/AyKLMw2vud4bsfZayyzWJgCMDZtjYMm5uo2a7i8j1W3/4QFmzlSy5cw==
+
 web3-utils@1.2.11:
   version "1.2.11"
   resolved "https://registry.yarnpkg.com/web3-utils/-/web3-utils-1.2.11.tgz#af1942aead3fb166ae851a985bed8ef2c2d95a82"
@@ -25657,7 +25723,7 @@ web3-utils@1.8.2:
     randombytes "^2.1.0"
     utf8 "3.0.0"
 
-web3-utils@1.9.0, web3-utils@^1.0.0-beta.31, web3-utils@^1.2.1, web3-utils@^1.3.0, web3-utils@^1.6.0:
+web3-utils@1.9.0, web3-utils@^1.0.0-beta.31, web3-utils@^1.2.1, web3-utils@^1.3.0:
   version "1.9.0"
   resolved "https://registry.yarnpkg.com/web3-utils/-/web3-utils-1.9.0.tgz#7c5775a47586cefb4ad488831be8f6627be9283d"
   integrity sha512-p++69rCNNfu2jM9n5+VD/g26l+qkEOQ1m6cfRQCbH8ZRrtquTmrirJMgTmyOoax5a5XRYOuws14aypCOs51pdQ==
@@ -25670,6 +25736,28 @@ web3-utils@1.9.0, web3-utils@^1.0.0-beta.31, web3-utils@^1.2.1, web3-utils@^1.3.
     randombytes "^2.1.0"
     utf8 "3.0.0"
 
+web3-utils@^4.2.1:
+  version "4.2.1"
+  resolved "https://registry.yarnpkg.com/web3-utils/-/web3-utils-4.2.1.tgz#326bc6e9e4d047f7b38ba68bee1399c4f9f621e3"
+  integrity sha512-Fk29BlEqD9Q9Cnw4pBkKw7czcXiRpsSco/BzEUl4ye0ZTSHANQFfjsfQmNm4t7uY11u6Ah+8F3tNjBeU4CA80A==
+  dependencies:
+    ethereum-cryptography "^2.0.0"
+    eventemitter3 "^5.0.1"
+    web3-errors "^1.1.4"
+    web3-types "^1.5.0"
+    web3-validator "^2.0.4"
+
+web3-validator@^2.0.4:
+  version "2.0.4"
+  resolved "https://registry.yarnpkg.com/web3-validator/-/web3-validator-2.0.4.tgz#66f34c94f21a3c94d0dc2a2d30deb8a379825d38"
+  integrity sha512-qRxVePwdW+SByOmTpDZFWHIUAa7PswvxNszrOua6BoGqAhERo5oJZBN+EbWtK/+O+ApNxt5FR3nCPmiZldiOQA==
+  dependencies:
+    ethereum-cryptography "^2.0.0"
+    util "^0.12.5"
+    web3-errors "^1.1.4"
+    web3-types "^1.3.1"
+    zod "^3.21.4"
+
 web3@*, web3@^1.6.0, web3@^1.8.0:
   version "1.9.0"
   resolved "https://registry.yarnpkg.com/web3/-/web3-1.9.0.tgz#4fde5d134f8ee11355ed5bfa1bb41f8bc58e23f3"
@@ -26482,3 +26570,8 @@ yocto-queue@^0.1.0:
   version "0.1.0"
   resolved "https://registry.yarnpkg.com/yocto-queue/-/yocto-queue-0.1.0.tgz#0294eb3dee05028d31ee1a5fa2c556a6aaf10a1b"
   integrity sha512-rVksvsnNCdJ/ohGc6xgPwyN8eheCxsiLM8mxuE/t/mOVqJewPuO1miLpTHQiRgTKCLexL4MeAFVagts7HmNZ2Q==
+
+zod@^3.21.4:
+  version "3.22.4"
+  resolved "https://registry.yarnpkg.com/zod/-/zod-3.22.4.tgz#f31c3a9386f61b1f228af56faa9255e845cf3fff"
+  integrity sha512-iC+8Io04lddc+mVqQ9AZ7OQ2MrUKGN+oIQyq1vemgt46jwCwLfhq7/pwnBnNXXXZb8VTVLKwp9EDkx+ryxIWmg==