diff --git a/CHANGELOG.md b/CHANGELOG.md
index b2852302b6..40badd9f28 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,33 @@
+Changes in [1.11.54](https://github.com/element-hq/element-web/releases/tag/v1.11.54) (2024-01-16)
+==================================================================================================
+## 🐛 Bug Fixes
+
+* Fix CSS stacking context order determinism ([#26840](https://github.com/element-hq/element-web/pull/26840)). Contributed by @t3chguy.
+
+## ✨ Features
+
+* Accessibility improvements around aria-labels and tooltips ([#12062](https://github.com/matrix-org/matrix-react-sdk/pull/12062)). Contributed by @t3chguy.
+* Add RoomKnocksBar to RoomHeader ([#12077](https://github.com/matrix-org/matrix-react-sdk/pull/12077)). Contributed by @charlynguyen.
+* Adjust tooltip side for DecoratedRoomAvatar to not obscure room name ([#12079](https://github.com/matrix-org/matrix-react-sdk/pull/12079)). Contributed by @t3chguy.
+* Iterate landmarks around the app in order to improve a11y ([#12064](https://github.com/matrix-org/matrix-react-sdk/pull/12064)). Contributed by @t3chguy.
+* Update element call embedding UI ([#12056](https://github.com/matrix-org/matrix-react-sdk/pull/12056)). Contributed by @toger5.
+* Use Compound tooltips instead of homegrown in TextWithTooltip \& InfoTooltip ([#12052](https://github.com/matrix-org/matrix-react-sdk/pull/12052)). Contributed by @t3chguy.
+
+## 🐛 Bug Fixes
+
+* Fix regression around CSS stacking contexts and PIP widgets ([#12094](https://github.com/matrix-org/matrix-react-sdk/pull/12094)). Contributed by @t3chguy.
+* Fix Identity Server terms accepting not working as expected ([#12109](https://github.com/matrix-org/matrix-react-sdk/pull/12109)). Contributed by @t3chguy.
+* fix: microphone and camera dropdown doesn't work In legacy call ([#12105](https://github.com/matrix-org/matrix-react-sdk/pull/12105)). Contributed by @muratersin.
+* Revert "Set up key backup using non-deprecated APIs (#12005)" ([#12102](https://github.com/matrix-org/matrix-react-sdk/pull/12102)). Contributed by @BillCarsonFr.
+* Fix regression around read receipt animation from refs changes ([#12100](https://github.com/matrix-org/matrix-react-sdk/pull/12100)). Contributed by @t3chguy.
+* Added meaning full error message based on platform ([#12074](https://github.com/matrix-org/matrix-react-sdk/pull/12074)). Contributed by @Pankaj-SinghR.
+* Fix editing event from search room view ([#11992](https://github.com/matrix-org/matrix-react-sdk/pull/11992)). Contributed by @t3chguy.
+* Fix timeline position when moving to a room and coming back ([#12055](https://github.com/matrix-org/matrix-react-sdk/pull/12055)). Contributed by @florianduros.
+* Fix threaded reply playwright tests ([#12070](https://github.com/matrix-org/matrix-react-sdk/pull/12070)). Contributed by @dbkr.
+* Element-R: fix repeated requests to enter 4S key during cross-signing reset ([#12059](https://github.com/matrix-org/matrix-react-sdk/pull/12059)). Contributed by @richvdh.
+* Fix position of thumbnail in room timeline ([#12016](https://github.com/matrix-org/matrix-react-sdk/pull/12016)). Contributed by @anoopw3bdev.
+
+
 Changes in [1.11.53](https://github.com/element-hq/element-web/releases/tag/v1.11.53) (2024-01-04)
 ==================================================================================================
 
diff --git a/package.json b/package.json
index c3a4b2d00f..8a13b6e4da 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
     "name": "element-web",
-    "version": "1.11.53",
+    "version": "1.11.54",
     "description": "A feature-rich client for Matrix.org",
     "author": "New Vector Ltd.",
     "repository": {
@@ -77,8 +77,8 @@
         "jsrsasign": "^10.5.25",
         "katex": "^0.16.0",
         "lodash": "^4.17.21",
-        "matrix-js-sdk": "github:matrix-org/matrix-js-sdk#develop",
-        "matrix-react-sdk": "github:matrix-org/matrix-react-sdk#develop",
+        "matrix-js-sdk": "31.0.0",
+        "matrix-react-sdk": "3.89.0",
         "matrix-widget-api": "^1.3.1",
         "react": "17.0.2",
         "react-dom": "17.0.2",
diff --git a/yarn.lock b/yarn.lock
index 60968907e2..1f4c89d31f 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -1806,9 +1806,9 @@
     emojibase-data "^15.0.0"
 
 "@matrix-org/matrix-sdk-crypto-wasm@^3.5.0":
-  version "3.5.0"
-  resolved "https://registry.yarnpkg.com/@matrix-org/matrix-sdk-crypto-wasm/-/matrix-sdk-crypto-wasm-3.5.0.tgz#997d63ae12304142513fe93c5e0872ff10ca30b4"
-  integrity sha512-7as0jJTje+rFu9AF8LEO0tmhtHcou2YQnZOtpiP+lS5rDfIPv5CL8/eb45fzDnbQybt9Jm5zdjBdiLBEaUg2dQ==
+  version "3.6.0"
+  resolved "https://registry.yarnpkg.com/@matrix-org/matrix-sdk-crypto-wasm/-/matrix-sdk-crypto-wasm-3.6.0.tgz#385aa579d7b7546d85c9b20bf6ba780f799bdda3"
+  integrity sha512-fvuYczcp/r/MOkOAUbK+tMaTerEe7/QHGQcRJz3W3JuEma0YN59d35zTBlts7EkN6Ichw1vLSyM+GkcbuosuyA==
 
 "@matrix-org/matrix-wysiwyg@2.17.0":
   version "2.17.0"
@@ -8585,9 +8585,10 @@ matrix-events-sdk@0.0.1:
   resolved "https://registry.yarnpkg.com/matrix-events-sdk/-/matrix-events-sdk-0.0.1.tgz#c8c38911e2cb29023b0bbac8d6f32e0de2c957dd"
   integrity sha512-1QEOsXO+bhyCroIe2/A5OwaxHvBm7EsSQ46DEDn8RBIfQwN5HWBpFvyWWR4QY0KHPPnnJdI99wgRiAl7Ad5qaA==
 
-"matrix-js-sdk@github:matrix-org/matrix-js-sdk#develop":
-  version "30.3.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-js-sdk/tar.gz/ffc9fb34d057b7258e40891f8614ec09321d82d7"
+matrix-js-sdk@31.0.0:
+  version "31.0.0"
+  resolved "https://registry.yarnpkg.com/matrix-js-sdk/-/matrix-js-sdk-31.0.0.tgz#2aacab066466f33b0aa956b8a2c765bfe1bde384"
+  integrity sha512-2TqDwEK34NFS0uiOti02CBCupwJcAIxWarOSD0yIrgMpIwSVNB795jEnXxNXz+bgPKsepDmiqeg2DrlinIoW1w==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@matrix-org/matrix-sdk-crypto-wasm" "^3.5.0"
@@ -8611,9 +8612,10 @@ matrix-mock-request@^2.5.0:
   dependencies:
     expect "^28.1.0"
 
-"matrix-react-sdk@github:matrix-org/matrix-react-sdk#develop":
-  version "3.88.0"
-  resolved "https://codeload.github.com/matrix-org/matrix-react-sdk/tar.gz/9350583ecf151811c8377879af0b08d4db701c30"
+matrix-react-sdk@3.89.0:
+  version "3.89.0"
+  resolved "https://registry.yarnpkg.com/matrix-react-sdk/-/matrix-react-sdk-3.89.0.tgz#b3ab4d15f1e4740218be688e48ea48693c8670bb"
+  integrity sha512-Uc1CP8u5IqGObZlNnVYEwHqAk26Tg3vkSXH2RXYFh37R/Hv7CJu50/YXLor40aGb+hOMwQytuzPkxrcc1/RdMw==
   dependencies:
     "@babel/runtime" "^7.12.5"
     "@matrix-org/analytics-events" "^0.9.0"
@@ -8656,7 +8658,7 @@ matrix-mock-request@^2.5.0:
     maplibre-gl "^2.0.0"
     matrix-encrypt-attachment "^1.0.3"
     matrix-events-sdk "0.0.1"
-    matrix-js-sdk "github:matrix-org/matrix-js-sdk#develop"
+    matrix-js-sdk "31.0.0"
     matrix-widget-api "^1.5.0"
     memoize-one "^6.0.0"
     minimist "^1.2.5"