diff --git a/docs/changes/3.1.3.rst b/docs/changes/3.1.3.rst
new file mode 100644
index 000000000..416e77133
--- /dev/null
+++ b/docs/changes/3.1.3.rst
@@ -0,0 +1,11 @@
+Changelog for Falcon 3.1.3
+==========================
+
+Summary
+-------
+
+This is a minor bugfix release that only pins the ``pytest-asyncio`` test
+dependency in order to prevent an incompatible version from interfering with
+the build workflow.
+
+This release is otherwise identical to :doc:`Falcon 3.1.2 <3.1.2>`.
diff --git a/docs/changes/index.rst b/docs/changes/index.rst
index 8c94675e5..79998a066 100644
--- a/docs/changes/index.rst
+++ b/docs/changes/index.rst
@@ -3,6 +3,7 @@ Changelogs
 
 .. toctree::
 
+   3.1.3 <3.1.3>
    3.1.2 <3.1.2>
    3.1.1 <3.1.1>
    3.1.0 <3.1.0>
diff --git a/falcon/version.py b/falcon/version.py
index d5bb945d4..bf932191b 100644
--- a/falcon/version.py
+++ b/falcon/version.py
@@ -14,5 +14,5 @@
 
 """Falcon version."""
 
-__version__ = '3.1.2'
+__version__ = '3.1.3'
 """Current version of Falcon."""
diff --git a/pyproject.toml b/pyproject.toml
index 797111182..64bd5e0f7 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -9,7 +9,7 @@
 [tool.towncrier]
     package = "falcon"
     package_dir = ""
-    filename = "docs/changes/3.1.2.rst"
+    filename = "docs/changes/3.1.3.rst"
     directory = "docs/_newsfragments"
     issue_format = "`#{issue} <https://github.com/falconry/falcon/issues/{issue}>`__"
 
diff --git a/requirements/tests b/requirements/tests
index d157528e0..1322cc77b 100644
--- a/requirements/tests
+++ b/requirements/tests
@@ -7,7 +7,8 @@ requests
 testtools; python_version < '3.10'
 
 # ASGI Specific (daphne is installed on a its own tox env)
-pytest-asyncio
+# TODO(vytas): Some ASGI tests hang with pytest-asyncio-0.23 on 3.8 & 3.9.
+pytest-asyncio < 0.22.0
 aiofiles; python_version >= '3.6'
 httpx; python_version >= '3.6'
 uvicorn < 0.17.0; python_version == '3.6'
diff --git a/setup.cfg b/setup.cfg
index 7c1e3f771..1107b2c18 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -76,7 +76,7 @@ console_scripts =
 
 [egg_info]
 # TODO replace
-tag_build =
+tag_build = rc1
 
 [aliases]
 test=pytest