diff --git a/external/CMakeLists.txt b/external/CMakeLists.txt
index f93129c..7176df8 100644
--- a/external/CMakeLists.txt
+++ b/external/CMakeLists.txt
@@ -55,7 +55,7 @@ if(LIBWALLY_TARGET_VERSION)
 set(LIBWALLY_TARGET_TAG  ${LIBWALLY_TARGET_VERSION})
 message(STATUS "[external project local] libwally-core target=${LIBWALLY_TARGET_VERSION}")
 else()
-set(LIBWALLY_TARGET_TAG  refs/tags/cfd-0.3.8)
+set(LIBWALLY_TARGET_TAG  refs/tags/cfd-0.3.9)
 endif()
 if(LIBWALLY_TARGET_URL)
 set(LIBWALLY_TARGET_REP  ${LIBWALLY_TARGET_URL})
diff --git a/local_resource/external_project_local_setting.config b/local_resource/external_project_local_setting.config
index 0e68af2..ee2ad16 100644
--- a/local_resource/external_project_local_setting.config
+++ b/local_resource/external_project_local_setting.config
@@ -1,3 +1,3 @@
 CFDCORE_VERSION=0.3.20
-LIBWALLY_TARGET_VERSION=refs/tags/cfd-0.3.8
+LIBWALLY_TARGET_VERSION=refs/tags/cfd-0.3.9
 LIBWALLY_TARGET_URL=atomicfinance/libwally-core.git