diff --git a/docs/release-notes/release-notes-0.14.1.md b/docs/release-notes/release-notes-0.14.1.md
index 9539d235a..9d4f56cca 100644
--- a/docs/release-notes/release-notes-0.14.1.md
+++ b/docs/release-notes/release-notes-0.14.1.md
@@ -36,6 +36,16 @@
 
 ### Taproot Assets
 
+* The integrated `tapd` instance was
+  [updated](https://github.com/lightninglabs/lightning-terminal/pull/950) to
+  [`v0.5.1-alpha.rc1`](https://github.com/lightninglabs/taproot-assets/releases/tag/v0.5.1-rc1).
+
 # Contributors (Alphabetical Order)
 
-* Elle Mouton
\ No newline at end of file
+* Andras Banki-Horvath
+* Elias Rad
+* Elle Mouton
+* jiangmencity
+* Oliver Gugger
+* Tristav
+* zhoufanjin
\ No newline at end of file
diff --git a/go.mod b/go.mod
index ea942c263..53f147ec4 100644
--- a/go.mod
+++ b/go.mod
@@ -23,7 +23,7 @@ require (
 	github.com/lightninglabs/pool v0.6.5-beta.0.20241015105339-044cb451b5df
 	github.com/lightninglabs/pool/auctioneerrpc v1.1.2
 	github.com/lightninglabs/pool/poolrpc v1.0.0
-	github.com/lightninglabs/taproot-assets v0.5.0
+	github.com/lightninglabs/taproot-assets v0.5.1-rc1
 	github.com/lightningnetwork/lnd v0.18.4-beta
 	github.com/lightningnetwork/lnd/cert v1.2.2
 	github.com/lightningnetwork/lnd/fn v1.2.3
@@ -57,7 +57,7 @@ require (
 	github.com/aead/siphash v1.0.1 // indirect
 	github.com/andybalholm/brotli v1.0.4 // indirect
 	github.com/beorn7/perks v1.0.1 // indirect
-	github.com/btcsuite/btcd/btcutil/psbt v1.1.8 // indirect
+	github.com/btcsuite/btcd/btcutil/psbt v1.1.10 // indirect
 	github.com/btcsuite/btcwallet v0.16.10-0.20240912233857-ffb143c77cc5 // indirect
 	github.com/btcsuite/btcwallet/wallet/txauthor v1.3.5 // indirect
 	github.com/btcsuite/btcwallet/wallet/txrules v1.2.2 // indirect
diff --git a/go.sum b/go.sum
index 2662db138..7ea6084bc 100644
--- a/go.sum
+++ b/go.sum
@@ -661,8 +661,8 @@ github.com/btcsuite/btcd/btcutil v1.0.0/go.mod h1:Uoxwv0pqYWhD//tfTiipkxNfdhG9Ur
 github.com/btcsuite/btcd/btcutil v1.1.0/go.mod h1:5OapHB7A2hBBWLm48mmw4MOHNJCcUBTwmWH/0Jn8VHE=
 github.com/btcsuite/btcd/btcutil v1.1.5 h1:+wER79R5670vs/ZusMTF1yTcRYE5GUsFbdjdisflzM8=
 github.com/btcsuite/btcd/btcutil v1.1.5/go.mod h1:PSZZ4UitpLBWzxGd5VGOrLnmOjtPP/a6HaFo12zMs00=
-github.com/btcsuite/btcd/btcutil/psbt v1.1.8 h1:4voqtT8UppT7nmKQkXV+T9K8UyQjKOn2z/ycpmJK8wg=
-github.com/btcsuite/btcd/btcutil/psbt v1.1.8/go.mod h1:kA6FLH/JfUx++j9pYU0pyu+Z8XGBQuuTmuKYUf6q7/U=
+github.com/btcsuite/btcd/btcutil/psbt v1.1.10 h1:TC1zhxhFfhnGqoPjsrlEpoqzh+9TPOHrCgnPR47Mj9I=
+github.com/btcsuite/btcd/btcutil/psbt v1.1.10/go.mod h1:ehBEvU91lxSlXtA+zZz3iFYx7Yq9eqnKx4/kSrnsvMY=
 github.com/btcsuite/btcd/chaincfg/chainhash v1.0.0/go.mod h1:7SFka0XMvUgj3hfZtydOrQY2mwhPclbT2snogU7SQQc=
 github.com/btcsuite/btcd/chaincfg/chainhash v1.0.1/go.mod h1:7SFka0XMvUgj3hfZtydOrQY2mwhPclbT2snogU7SQQc=
 github.com/btcsuite/btcd/chaincfg/chainhash v1.1.0 h1:59Kx4K6lzOW5w6nFlA0v5+lk/6sjybR934QNHSJZPTQ=
@@ -1177,8 +1177,8 @@ github.com/lightninglabs/pool/poolrpc v1.0.0 h1:vvosrgNx9WXF4mcHGqLjZOW8wNM0q+BL
 github.com/lightninglabs/pool/poolrpc v1.0.0/go.mod h1:ZqpEpBFRMMBAerMmilEjh27tqauSXDwLaLR0O3jvmMA=
 github.com/lightninglabs/protobuf-go-hex-display v1.34.2-hex-display h1:w7FM5LH9Z6CpKxl13mS48idsu6F+cEZf0lkyiV+Dq9g=
 github.com/lightninglabs/protobuf-go-hex-display v1.34.2-hex-display/go.mod h1:qYOHts0dSfpeUzUFpOMr/WGzszTmLH+DiWniOlNbLDw=
-github.com/lightninglabs/taproot-assets v0.5.0 h1:aXX08DsV9ObUCm5jAbUsd0B1llcAqQHVAfrxtRu+q7Q=
-github.com/lightninglabs/taproot-assets v0.5.0/go.mod h1:7XEbJ8DZ79hkYUNuZceuynT6vGqDNdAn7l20knK9DfI=
+github.com/lightninglabs/taproot-assets v0.5.1-rc1 h1:2DjdSLgx3rSLp1ripu+uBLA4TaCkptMloPtR5p3pagY=
+github.com/lightninglabs/taproot-assets v0.5.1-rc1/go.mod h1:W/R7DYNT8su4SkmHfea1sASR6o4t+Ztfu7wF/Gzdtnw=
 github.com/lightningnetwork/lightning-onion v1.2.1-0.20240712235311-98bd56499dfb h1:yfM05S8DXKhuCBp5qSMZdtSwvJ+GFzl94KbXMNB1JDY=
 github.com/lightningnetwork/lightning-onion v1.2.1-0.20240712235311-98bd56499dfb/go.mod h1:c0kvRShutpj3l6B9WtTsNTBUtjSmjZXbJd9ZBRQOSKI=
 github.com/lightningnetwork/lnd v0.18.4-beta h1:4pGmIjIMisrs4TMDYp4fk8NeI1YFpcuqwaSiFwLcd1g=
diff --git a/version.go b/version.go
index ecb231a23..9a63a7355 100644
--- a/version.go
+++ b/version.go
@@ -23,11 +23,11 @@ const semanticAlphabet = "0123456789ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqr
 const (
 	appMajor uint = 0
 	appMinor uint = 14
-	appPatch uint = 0
+	appPatch uint = 1
 
 	// appPreRelease MUST only contain characters from semanticAlphabet per
 	// the semantic versioning spec.
-	appPreRelease = "alpha"
+	appPreRelease = "alpha.rc1"
 )
 
 // Version returns the application version as a properly formed string per the