diff --git a/Cargo.lock b/Cargo.lock
index e5a4fda..ab1e888 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -895,7 +895,7 @@ dependencies = [
  "lazy_static",
  "moka",
  "num_cpus",
- "opentelemetry",
+ "opentelemetry 0.32.0",
  "opentelemetry-otlp",
  "opentelemetry_sdk",
  "prost",
@@ -927,7 +927,7 @@ dependencies = [
  "crossbeam",
  "dashmap",
  "dotenv",
- "opentelemetry",
+ "opentelemetry 0.32.0",
  "opentelemetry-otlp",
  "opentelemetry_sdk",
  "prost",
@@ -977,7 +977,7 @@ dependencies = [
  "dotenv",
  "hex",
  "insta",
- "opentelemetry",
+ "opentelemetry 0.32.0",
  "opentelemetry-otlp",
  "opentelemetry_sdk",
  "prost",
@@ -3555,6 +3555,20 @@ dependencies = [
  "tracing",
 ]
 
+[[package]]
+name = "opentelemetry"
+version = "0.32.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "b0142c63252a9e054e68a4c61a5778f7b14f576274d593f8ce883d191a099682"
+dependencies = [
+ "futures-core",
+ "futures-sink",
+ "js-sys",
+ "pin-project-lite",
+ "thiserror 2.0.18",
+ "tracing",
+]
+
 [[package]]
 name = "opentelemetry-http"
 version = "0.31.0"
@@ -3564,7 +3578,7 @@ dependencies = [
  "async-trait",
  "bytes",
  "http 1.4.0",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "reqwest 0.12.28",
 ]
 
@@ -3575,7 +3589,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1f69cd6acbb9af919df949cd1ec9e5e7fdc2ef15d234b6b795aaa525cc02f71f"
 dependencies = [
  "http 1.4.0",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "opentelemetry-http",
  "opentelemetry-proto",
  "opentelemetry_sdk",
@@ -3593,7 +3607,7 @@ version = "0.31.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "a7175df06de5eaee9909d4805a3d07e28bb752c34cab57fa9cff549da596b30f"
 dependencies = [
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "opentelemetry_sdk",
  "prost",
  "tonic",
@@ -3609,7 +3623,7 @@ dependencies = [
  "futures-channel",
  "futures-executor",
  "futures-util",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "percent-encoding",
  "rand 0.9.2",
  "thiserror 2.0.18",
@@ -5580,7 +5594,7 @@ source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "1ac28f2d093c6c477eaa76b23525478f38de514fa9aeb1285738d4b97a9552fc"
 dependencies = [
  "js-sys",
- "opentelemetry",
+ "opentelemetry 0.31.0",
  "smallvec",
  "tracing",
  "tracing-core",
diff --git a/crates/gateway/Cargo.toml b/crates/gateway/Cargo.toml
index 85b1284..2a47b2c 100644
--- a/crates/gateway/Cargo.toml
+++ b/crates/gateway/Cargo.toml
@@ -39,7 +39,7 @@ hex = { workspace = true }
 governor = "^0.10"
 dashmap = { workspace = true }
 moka = { workspace = true }
-opentelemetry = { version = "^0.31", features = ["trace"] }
+opentelemetry = { version = "^0.32", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["rt-tokio"] }
 opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
 lazy_static = "^1"
diff --git a/crates/matching/Cargo.toml b/crates/matching/Cargo.toml
index b4d62b7..4851559 100644
--- a/crates/matching/Cargo.toml
+++ b/crates/matching/Cargo.toml
@@ -41,7 +41,7 @@ tracing = { workspace = true }
 tracing-subscriber = { workspace = true }
 tracing-appender = { workspace = true }
 tracing-opentelemetry = "^0.32"
-opentelemetry = { version = "^0.31", features = ["trace"] }
+opentelemetry = { version = "^0.32", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["trace"] }
 opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
 tokio-stream = "^0.1"
diff --git a/crates/settlement/Cargo.toml b/crates/settlement/Cargo.toml
index dc8f2a7..29562a1 100644
--- a/crates/settlement/Cargo.toml
+++ b/crates/settlement/Cargo.toml
@@ -28,7 +28,7 @@ tracing = { workspace = true }
 tracing-subscriber = { workspace = true }
 tracing-appender = { workspace = true }
 tracing-opentelemetry = "^0.32"
-opentelemetry = { version = "^0.31", features = ["trace"] }
+opentelemetry = { version = "^0.32", features = ["trace"] }
 opentelemetry_sdk = { version = "^0.31", features = ["trace"] }
 opentelemetry-otlp = { version = "^0.31", features = ["trace", "grpc-tonic"] }
 config = { workspace = true }