diff --git a/Cargo.lock b/Cargo.lock
index 486096c5..e229d84e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -598,9 +598,9 @@ dependencies = [
 
 [[package]]
 name = "coins-bip32"
-version = "0.7.0"
+version = "0.8.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "634c509653de24b439672164bbf56f5f582a2ab0e313d3b0f6af0b7345cf2560"
+checksum = "8a3b95d26eace980ade01e0ea8d996f7d5ae7031f9c5f258317ec82e400f33c1"
 dependencies = [
  "bincode",
  "bs58",
@@ -617,26 +617,28 @@ dependencies = [
 
 [[package]]
 name = "coins-bip39"
-version = "0.7.0"
+version = "0.8.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2a11892bcac83b4c6e95ab84b5b06c76d9d70ad73548dd07418269c5c7977171"
+checksum = "a05ceda6ab4876de899fe23e8a171b200be9a346289bce12d41311e4bce2f104"
 dependencies = [
  "bitvec 0.17.4",
  "coins-bip32",
  "getrandom 0.2.8",
  "hex",
  "hmac 0.12.1",
+ "once_cell",
  "pbkdf2",
  "rand 0.8.5",
  "sha2 0.10.6",
  "thiserror",
+ "tracing",
 ]
 
 [[package]]
 name = "coins-core"
-version = "0.7.0"
+version = "0.8.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "c94090a6663f224feae66ab01e41a2555a8296ee07b5f20dab8888bdefc9f617"
+checksum = "87637d08a1dd6bfa3bcd697f0a4de6c1b3a03e085b9d841a7e9cde4ccb61514b"
 dependencies = [
  "base58check",
  "base64 0.12.3",
diff --git a/ethers-signers/Cargo.toml b/ethers-signers/Cargo.toml
index 138c3140..4e948a00 100644
--- a/ethers-signers/Cargo.toml
+++ b/ethers-signers/Cargo.toml
@@ -18,8 +18,8 @@ rustdoc-args = ["--cfg", "docsrs"]
 [dependencies]
 ethers-core = { version = "^2.0.0", path = "../ethers-core", features = ["eip712"] }
 thiserror = { version = "1.0.39", default-features = false }
-coins-bip32 = "0.7.0"
-coins-bip39 = "0.7.0"
+coins-bip32 = "0.8.0"
+coins-bip39 = "0.8.1"
 coins-ledger = { version = "0.7.1", default-features = false, optional = true }
 hex = { version = "0.4.3", default-features = false, features = ["std"] }
 async-trait = { version = "0.1.50", default-features = false }
diff --git a/ethers-signers/src/wallet/mnemonic.rs b/ethers-signers/src/wallet/mnemonic.rs
index 60b559b8..276373b6 100644
--- a/ethers-signers/src/wallet/mnemonic.rs
+++ b/ethers-signers/src/wallet/mnemonic.rs
@@ -168,7 +168,7 @@ impl<W: Wordlist> MnemonicBuilder<W> {
         // Write the mnemonic phrase to storage if a directory has been provided.
         if let Some(dir) = &self.write_to {
             let mut file = File::create(dir.as_path().join(to_checksum(&wallet.address, None)))?;
-            file.write_all(mnemonic.to_phrase()?.as_bytes())?;
+            file.write_all(mnemonic.to_phrase().as_bytes())?;
         }
 
         Ok(wallet)