diff --git a/CHANGELOG.md b/CHANGELOG.md
index fcd545e0..f58d22ba 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+### [3.2.1](https://www.github.com/googleapis/java-channel/compare/v3.2.0...v3.2.1) (2021-09-22)
+
+
+### Dependencies
+
+* update dependency com.google.cloud:google-cloud-shared-dependencies to v2.3.0 ([#189](https://www.github.com/googleapis/java-channel/issues/189)) ([0909ced](https://www.github.com/googleapis/java-channel/commit/0909ced9342e88a2f5b080541c44f05141dcfba7))
+
 ## [3.2.0](https://www.github.com/googleapis/java-channel/compare/v3.1.0...v3.2.0) (2021-09-14)
 
 
diff --git a/google-cloud-channel-bom/pom.xml b/google-cloud-channel-bom/pom.xml
index d62b0a5c..1a3370e0 100644
--- a/google-cloud-channel-bom/pom.xml
+++ b/google-cloud-channel-bom/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-channel-bom</artifactId>
-  <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+  <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   <packaging>pom</packaging>
   <parent>
     <groupId>com.google.cloud</groupId>
@@ -56,17 +56,17 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-channel</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+        <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-channel-v1</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
+        <version>3.2.1</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-channel-v1</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
+        <version>3.2.1</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
       </dependency>
     </dependencies>
   </dependencyManagement>
diff --git a/google-cloud-channel/pom.xml b/google-cloud-channel/pom.xml
index 002fa177..08cac189 100644
--- a/google-cloud-channel/pom.xml
+++ b/google-cloud-channel/pom.xml
@@ -3,7 +3,7 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-channel</artifactId>
-  <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+  <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   <packaging>jar</packaging>
   <name>Google Channel Services</name>
   <url>https://github.com/googleapis/java-channel</url>
@@ -11,7 +11,7 @@
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-channel-parent</artifactId>
-    <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+    <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   </parent>
   <properties>
     <site.installationModule>google-cloud-channel</site.installationModule>
diff --git a/grpc-google-cloud-channel-v1/pom.xml b/grpc-google-cloud-channel-v1/pom.xml
index f65f699a..1dd12bce 100644
--- a/grpc-google-cloud-channel-v1/pom.xml
+++ b/grpc-google-cloud-channel-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>grpc-google-cloud-channel-v1</artifactId>
-  <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
+  <version>3.2.1</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
   <name>grpc-google-cloud-channel-v1</name>
   <description>GRPC library for google-cloud-channel</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-channel-parent</artifactId>
-    <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+    <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/pom.xml b/pom.xml
index 21729b85..fa571bb8 100644
--- a/pom.xml
+++ b/pom.xml
@@ -4,7 +4,7 @@
   <groupId>com.google.cloud</groupId>
   <artifactId>google-cloud-channel-parent</artifactId>
   <packaging>pom</packaging>
-  <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+  <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   <name>Google Channel Services Parent</name>
   <url>https://github.com/googleapis/java-</url>
   <description>
@@ -61,17 +61,17 @@
       <dependency>
         <groupId>com.google.cloud</groupId>
         <artifactId>google-cloud-channel</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+        <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>proto-google-cloud-channel-v1</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
+        <version>3.2.1</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
       </dependency>
       <dependency>
         <groupId>com.google.api.grpc</groupId>
         <artifactId>grpc-google-cloud-channel-v1</artifactId>
-        <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
+        <version>3.2.1</version><!-- {x-version-update:grpc-google-cloud-channel-v1:current} -->
       </dependency>
 
       <dependency>
diff --git a/proto-google-cloud-channel-v1/pom.xml b/proto-google-cloud-channel-v1/pom.xml
index 59bbe59f..bb1e3d7e 100644
--- a/proto-google-cloud-channel-v1/pom.xml
+++ b/proto-google-cloud-channel-v1/pom.xml
@@ -4,13 +4,13 @@
   <modelVersion>4.0.0</modelVersion>
   <groupId>com.google.api.grpc</groupId>
   <artifactId>proto-google-cloud-channel-v1</artifactId>
-  <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
+  <version>3.2.1</version><!-- {x-version-update:proto-google-cloud-channel-v1:current} -->
   <name>proto-google-cloud-channel-v1</name>
   <description>Proto library for google-cloud-channel</description>
   <parent>
     <groupId>com.google.cloud</groupId>
     <artifactId>google-cloud-channel-parent</artifactId>
-    <version>3.2.1-SNAPSHOT</version><!-- {x-version-update:google-cloud-channel:current} -->
+    <version>3.2.1</version><!-- {x-version-update:google-cloud-channel:current} -->
   </parent>
   <dependencies>
     <dependency>
diff --git a/versions.txt b/versions.txt
index 655ad7f0..302b0653 100644
--- a/versions.txt
+++ b/versions.txt
@@ -1,6 +1,6 @@
 # Format:
 # module:released-version:current-version
 
-google-cloud-channel:3.2.0:3.2.1-SNAPSHOT
-grpc-google-cloud-channel-v1:3.2.0:3.2.1-SNAPSHOT
-proto-google-cloud-channel-v1:3.2.0:3.2.1-SNAPSHOT
+google-cloud-channel:3.2.1:3.2.1
+grpc-google-cloud-channel-v1:3.2.1:3.2.1
+proto-google-cloud-channel-v1:3.2.1:3.2.1