diff --git a/CHANGELOG.md b/CHANGELOG.md
index a9171f7..4e5ba6d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,9 @@
 # Changelog
 
+## 2025-01-29
+### Added
+- Updated default [`version`](https://github.com/overleaf/toolkit/blob/master/lib/config-seed/version) to `5.3.1`.
+
 ## 2025-01-06
 ### Added
 - Add new config option for skipping docker pull before upgrading
diff --git a/lib/config-seed/version b/lib/config-seed/version
index 26d99a2..c7cb131 100644
--- a/lib/config-seed/version
+++ b/lib/config-seed/version
@@ -1 +1 @@
-5.2.1
+5.3.1