diff --git a/Cargo.lock b/Cargo.lock
index 4c1164bf66..249045ef28 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2358,9 +2358,9 @@ dependencies = [
 
 [[package]]
 name = "regalloc2"
-version = "0.3.1"
+version = "0.3.2"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "76ff2e57a7d050308b3fde0f707aa240b491b190e3855f212860f11bb3af4205"
+checksum = "d43a209257d978ef079f3d446331d0f1794f5e0fc19b306a199983857833a779"
 dependencies = [
  "fxhash",
  "log",
diff --git a/cranelift/codegen/Cargo.toml b/cranelift/codegen/Cargo.toml
index 02d11eeb15..9907301767 100644
--- a/cranelift/codegen/Cargo.toml
+++ b/cranelift/codegen/Cargo.toml
@@ -23,7 +23,7 @@ serde = { version = "1.0.94", features = ["derive"], optional = true }
 bincode = { version = "1.2.1", optional = true }
 gimli = { version = "0.26.0", default-features = false, features = ["write"], optional = true }
 smallvec = { version = "1.6.1" }
-regalloc2 = { version = "0.3.1", features = ["checker"] }
+regalloc2 = { version = "0.3.2", features = ["checker"] }
 souper-ir = { version = "2.1.0", optional = true }
 # It is a goal of the cranelift-codegen crate to have minimal external dependencies.
 # Please don't add any unless they are essential to the task of creating binary
diff --git a/supply-chain/audits.toml b/supply-chain/audits.toml
index dd5fc4f036..9a4b9bd234 100644
--- a/supply-chain/audits.toml
+++ b/supply-chain/audits.toml
@@ -19,6 +19,12 @@ criteria = "safe-to-deploy"
 version = "1.0.0"
 notes = "I am the author of this crate."
 
+[[audits.regalloc2]]
+who = "Jamey Sharp <jsharp@fastly.com>"
+criteria = "safe-to-deploy"
+delta = "0.3.1 -> 0.3.2"
+notes = "The Bytecode Alliance is the author of this crate."
+
 [[audits.rustc-demangle]]
 who = "Alex Crichton <alex@alexcrichton.com>"
 criteria = "safe-to-deploy"