diff --git a/package.json b/package.json
index a316f369ae7..4bb8e06866d 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/core-monorepo",
-  "version": "240.0.0",
+  "version": "241.0.0",
   "private": true,
   "description": "Monorepo for packages shared between MetaMask clients",
   "repository": {
diff --git a/packages/transaction-controller/CHANGELOG.md b/packages/transaction-controller/CHANGELOG.md
index 8723f4ac3db..6ebaa2848cb 100644
--- a/packages/transaction-controller/CHANGELOG.md
+++ b/packages/transaction-controller/CHANGELOG.md
@@ -7,6 +7,16 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## [Unreleased]
 
+## [38.3.0]
+
+### Added
+
+- Validate gas fee properties to ensure they are valid hexadecimal strings ([#4854](https://github.com/MetaMask/core/pull/4854))
+
+### Fixed
+
+- Fix gas limit estimation on new transactions and via `estimateGas` and `estimateGasBuffered` methods ([#4897](https://github.com/MetaMask/core/pull/4897))
+
 ## [38.2.0]
 
 ### Added
@@ -1103,7 +1113,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
     All changes listed after this point were applied to this package following the monorepo conversion.
 
-[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@38.2.0...HEAD
+[Unreleased]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@38.3.0...HEAD
+[38.3.0]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@38.2.0...@metamask/transaction-controller@38.3.0
 [38.2.0]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@38.1.0...@metamask/transaction-controller@38.2.0
 [38.1.0]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@38.0.0...@metamask/transaction-controller@38.1.0
 [38.0.0]: https://github.com/MetaMask/core/compare/@metamask/transaction-controller@37.3.0...@metamask/transaction-controller@38.0.0
diff --git a/packages/transaction-controller/package.json b/packages/transaction-controller/package.json
index c583c4f79c2..1f11e589ae1 100644
--- a/packages/transaction-controller/package.json
+++ b/packages/transaction-controller/package.json
@@ -1,6 +1,6 @@
 {
   "name": "@metamask/transaction-controller",
-  "version": "38.2.0",
+  "version": "38.3.0",
   "description": "Stores transactions alongside their periodically updated statuses and manages interactions such as approval and cancellation",
   "keywords": [
     "MetaMask",
diff --git a/packages/user-operation-controller/package.json b/packages/user-operation-controller/package.json
index edb30db36ab..870ee8ea5b3 100644
--- a/packages/user-operation-controller/package.json
+++ b/packages/user-operation-controller/package.json
@@ -66,7 +66,7 @@
     "@metamask/gas-fee-controller": "^22.0.0",
     "@metamask/keyring-controller": "^17.3.1",
     "@metamask/network-controller": "^22.0.1",
-    "@metamask/transaction-controller": "^38.2.0",
+    "@metamask/transaction-controller": "^38.3.0",
     "@types/jest": "^27.4.1",
     "deepmerge": "^4.2.2",
     "jest": "^27.5.1",
diff --git a/yarn.lock b/yarn.lock
index 310ad33debe..d62c74deb9f 100644
--- a/yarn.lock
+++ b/yarn.lock
@@ -3678,7 +3678,7 @@ __metadata:
   languageName: node
   linkType: hard
 
-"@metamask/transaction-controller@npm:^38.2.0, @metamask/transaction-controller@workspace:packages/transaction-controller":
+"@metamask/transaction-controller@npm:^38.3.0, @metamask/transaction-controller@workspace:packages/transaction-controller":
   version: 0.0.0-use.local
   resolution: "@metamask/transaction-controller@workspace:packages/transaction-controller"
   dependencies:
@@ -3746,7 +3746,7 @@ __metadata:
     "@metamask/polling-controller": "npm:^12.0.1"
     "@metamask/rpc-errors": "npm:^7.0.1"
     "@metamask/superstruct": "npm:^3.1.0"
-    "@metamask/transaction-controller": "npm:^38.2.0"
+    "@metamask/transaction-controller": "npm:^38.3.0"
     "@metamask/utils": "npm:^10.0.0"
     "@types/jest": "npm:^27.4.1"
     bn.js: "npm:^5.2.1"