diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7b702ac57..a0596873d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,43 @@
 # Changelog
 
+## 0.32.0
+
+BREAKING CHANGES
+
+* Gaia REST API
+  * [\#3642](https://github.com/cosmos/cosmos-sdk/pull/3642) `GET /tx/{hash}` now returns `404` instead of `500` if the transaction is not found
+
+* SDK
+ * [\#3580](https://github.com/cosmos/cosmos-sdk/issues/3580) Migrate HTTP request/response types and utilities to types/rest.
+ * [\#3592](https://github.com/cosmos/cosmos-sdk/issues/3592) Drop deprecated keybase implementation's New() constructor in
+   favor of a new crypto/keys.New(string, string) implementation that
+   returns a lazy keybase instance. Remove client.MockKeyBase,
+   superseded by crypto/keys.NewInMemory()
+ * [\#3621](https://github.com/cosmos/cosmos-sdk/issues/3621) staking.GenesisState.Bonds -> Delegations
+
+IMPROVEMENTS
+
+* SDK
+  * [\#3311] Reconcile the `DecCoin/s` API with the `Coin/s` API.
+  * [\#3614] Add coin denom length checks to the coins constructors.
+  * [\#3621](https://github.com/cosmos/cosmos-sdk/issues/3621) remove many inter-module dependancies
+  * [\#3601] JSON-stringify the ABCI log response which includes the log and message
+  index.
+  * [\#3604] Improve SDK funds related error messages and allow for unicode in
+  JSON ABCI log.
+  * [\#3620](https://github.com/cosmos/cosmos-sdk/pull/3620) Version command shows build tags
+  * [\#3638] Add Bcrypt benchmarks & justification of security parameter choice
+  * [\#3648] Add JSON struct tags to vesting accounts.
+
+* Tendermint
+  * [\#3618] Upgrade to Tendermint 0.30.03
+
+BUG FIXES
+
+* SDK
+  * [\#3646](https://github.com/cosmos/cosmos-sdk/issues/3646) `x/mint` now uses total token supply instead of total bonded tokens to calculate inflation
+
+
 ## 0.31.2
 
 BREAKING CHANGES
diff --git a/PENDING.md b/PENDING.md
index 785a86760..cd7bf241b 100644
--- a/PENDING.md
+++ b/PENDING.md
@@ -3,22 +3,16 @@
 BREAKING CHANGES
 
 * Gaia REST API
-  * [\#3642](https://github.com/cosmos/cosmos-sdk/pull/3642) `GET /tx/{hash}` now returns `404` instead of `500` if the transaction is not found
 
 * Gaia CLI
 
 * Gaia
 
 * SDK
- * \#3580 Migrate HTTP request/response types and utilities to types/rest.
- * \#3592 Drop deprecated keybase implementation's New() constructor in
-   favor of a new crypto/keys.New(string, string) implementation that
-   returns a lazy keybase instance. Remove client.MockKeyBase,
-   superseded by crypto/keys.NewInMemory()
- * \#3621 staking.GenesisState.Bonds -> Delegations
 
 * Tendermint
 
+
 FEATURES
 
 * Gaia REST API
@@ -41,19 +35,9 @@ IMPROVEMENTS
 * Gaia
 
 * SDK
-  * [\#3311] Reconcile the `DecCoin/s` API with the `Coin/s` API.
-  * [\#3614] Add coin denom length checks to the coins constructors.
-  * \#3621 remove many inter-module dependancies
-  * [\#3601] JSON-stringify the ABCI log response which includes the log and message
-  index.
-  * [\#3604] Improve SDK funds related error messages and allow for unicode in
-  JSON ABCI log.
-  * [\#3620](https://github.com/cosmos/cosmos-sdk/pull/3620) Version command shows build tags
-  * [\#3638] Add Bcrypt benchmarks & justification of security parameter choice
-  * [\#3648] Add JSON struct tags to vesting accounts.
 
 * Tendermint
-  * [\#3618] Upgrade to Tendermint 0.30.03
+
 
 BUG FIXES
 
@@ -64,6 +48,5 @@ BUG FIXES
 * Gaia
 
 * SDK
-  * \#3646 `x/mint` now uses total token supply instead of total bonded tokens to calculate inflation
 
 * Tendermint