diff --git a/panel/api/pyproject.toml b/panel/api/pyproject.toml
index 7fb7d26..6a3d529 100644
--- a/panel/api/pyproject.toml
+++ b/panel/api/pyproject.toml
@@ -6,7 +6,7 @@ dependencies = [
   "fastapi==0.136.*",
   "uvicorn[standard]==0.47.*",
   "pyjwt==2.12.*",
-  "bcrypt==4.2.*",
+  "bcrypt==5.0.*",
   "sqlalchemy==2.0.*",
   "pymysql==1.1.*",
   "psycopg[binary]==3.2.*",