diff --git a/Cargo.lock b/Cargo.lock
index b5ece2f173..223ffabc91 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -561,7 +561,7 @@ dependencies = [
  "smallvec",
  "souper-ir",
  "target-lexicon",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -1933,7 +1933,7 @@ dependencies = [
  "peepmatic-test-operator",
  "peepmatic-traits",
  "serde",
- "wast 37.0.0",
+ "wast 38.0.1",
  "z3",
 ]
 
@@ -1961,7 +1961,7 @@ dependencies = [
  "peepmatic-traits",
  "rand 0.8.3",
  "serde",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -1986,7 +1986,7 @@ dependencies = [
  "serde",
  "serde_test",
  "thiserror",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -1998,7 +1998,7 @@ dependencies = [
  "peepmatic",
  "peepmatic-test-operator",
  "souper-ir",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -2019,7 +2019,7 @@ version = "0.77.0"
 dependencies = [
  "peepmatic-traits",
  "serde",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -3492,7 +3492,7 @@ dependencies = [
  "wasmtime-wasi-crypto",
  "wasmtime-wasi-nn",
  "wasmtime-wast",
- "wast 37.0.0",
+ "wast 38.0.1",
  "wat",
  "winapi",
 ]
@@ -3687,7 +3687,7 @@ version = "0.30.0"
 dependencies = [
  "anyhow",
  "wasmtime",
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
@@ -3701,20 +3701,20 @@ dependencies = [
 
 [[package]]
 name = "wast"
-version = "37.0.0"
+version = "38.0.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "9bc7b9a76845047ded00e031754ff410afee0d50fbdf62b55bdeecd245063d68"
+checksum = "ae0d7b256bef26c898fa7344a2d627e8499f5a749432ce0a05eae1a64ff0c271"
 dependencies = [
  "leb128",
 ]
 
 [[package]]
 name = "wat"
-version = "1.0.39"
+version = "1.0.40"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "2ab2cc8d9a69d1ab28a41d9149bb06bb927aba8fc9d56625f8b597a564c83f50"
+checksum = "adcfaeb27e2578d2c6271a45609f4a055e6d7ba3a12eff35b1fd5ba147bdf046"
 dependencies = [
- "wast 37.0.0",
+ "wast 38.0.1",
 ]
 
 [[package]]
diff --git a/Cargo.toml b/Cargo.toml
index fc4a4acc54..0fa869d330 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -36,7 +36,7 @@ anyhow = "1.0.19"
 target-lexicon = { version = "0.12.0", default-features = false }
 pretty_env_logger = "0.4.0"
 file-per-thread-logger = "0.1.1"
-wat = "1.0.39"
+wat = "1.0.40"
 libc = "0.2.60"
 log = "0.4.8"
 rayon = "1.5.0"
@@ -57,7 +57,7 @@ wasmtime-fuzzing = { path = "crates/fuzzing" }
 wasmtime-runtime = { path = "crates/runtime" }
 tokio = { version = "1.8.0", features = ["rt", "time", "macros", "rt-multi-thread"] }
 tracing-subscriber = "0.2.16"
-wast = "37.0.0"
+wast = "38.0.0"
 criterion = "0.3.4"
 num_cpus = "1.13.0"
 winapi = { version = "0.3.9", features = ['memoryapi'] }
diff --git a/cranelift/codegen/Cargo.toml b/cranelift/codegen/Cargo.toml
index 984d696373..a9d8097e66 100644
--- a/cranelift/codegen/Cargo.toml
+++ b/cranelift/codegen/Cargo.toml
@@ -28,7 +28,7 @@ peepmatic-traits = { path = "../peepmatic/crates/traits", optional = true, versi
 peepmatic-runtime = { path = "../peepmatic/crates/runtime", optional = true, version = "0.77.0" }
 regalloc = { version = "0.0.31" }
 souper-ir = { version = "2.1.0", optional = true }
-wast = { version = "37.0.0", optional = true }
+wast = { version = "38.0.0", 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
 # machine code. Integration tests that need external dependencies can be
diff --git a/cranelift/peepmatic/Cargo.toml b/cranelift/peepmatic/Cargo.toml
index 38cc9fbf51..e497554dcc 100644
--- a/cranelift/peepmatic/Cargo.toml
+++ b/cranelift/peepmatic/Cargo.toml
@@ -15,7 +15,7 @@ peepmatic-macro = { version = "0.77.0", path = "crates/macro" }
 peepmatic-runtime = { version = "0.77.0", path = "crates/runtime", features = ["construct"] }
 peepmatic-traits = { version = "0.77.0", path = "crates/traits" }
 serde = { version = "1.0.105", features = ["derive"] }
-wast = "37.0.0"
+wast = "38.0.0"
 z3 = { version = "0.7.1", features = ["static-link-z3"] }
 
 [dev-dependencies]
diff --git a/cranelift/peepmatic/crates/fuzzing/Cargo.toml b/cranelift/peepmatic/crates/fuzzing/Cargo.toml
index cc67c0b44d..8130acf867 100644
--- a/cranelift/peepmatic/crates/fuzzing/Cargo.toml
+++ b/cranelift/peepmatic/crates/fuzzing/Cargo.toml
@@ -21,4 +21,4 @@ peepmatic-test-operator = { path = "../test-operator" }
 peepmatic-traits = { path = "../traits" }
 rand = { version = "0.8.3", features = ["small_rng"] }
 serde = "1.0.106"
-wast = "37.0.0"
+wast = "38.0.0"
diff --git a/cranelift/peepmatic/crates/runtime/Cargo.toml b/cranelift/peepmatic/crates/runtime/Cargo.toml
index 0f95039b2c..3cf97de9ad 100644
--- a/cranelift/peepmatic/crates/runtime/Cargo.toml
+++ b/cranelift/peepmatic/crates/runtime/Cargo.toml
@@ -16,7 +16,7 @@ peepmatic-automata = { version = "0.77.0", path = "../automata", features = ["se
 peepmatic-traits = { version = "0.77.0", path = "../traits" }
 serde = { version = "1.0.105", features = ["derive"] }
 thiserror = "1.0.15"
-wast = { version = "37.0.0", optional = true }
+wast = { version = "38.0.0", optional = true }
 
 [dev-dependencies]
 peepmatic-test-operator = { version = "0.77.0", path = "../test-operator" }
diff --git a/cranelift/peepmatic/crates/souper/Cargo.toml b/cranelift/peepmatic/crates/souper/Cargo.toml
index c00e99193a..cdb16ea3c1 100644
--- a/cranelift/peepmatic/crates/souper/Cargo.toml
+++ b/cranelift/peepmatic/crates/souper/Cargo.toml
@@ -16,4 +16,4 @@ log = "0.4.8"
 [dev-dependencies]
 peepmatic = { path = "../..", version = "0.77.0" }
 peepmatic-test-operator = { version = "0.77.0", path = "../test-operator" }
-wast = "37.0.0"
+wast = "38.0.0"
diff --git a/cranelift/peepmatic/crates/test-operator/Cargo.toml b/cranelift/peepmatic/crates/test-operator/Cargo.toml
index 815001df8b..03ed818929 100644
--- a/cranelift/peepmatic/crates/test-operator/Cargo.toml
+++ b/cranelift/peepmatic/crates/test-operator/Cargo.toml
@@ -11,4 +11,4 @@ edition = "2018"
 [dependencies]
 peepmatic-traits = { version = "0.77.0", path = "../traits" }
 serde = { version = "1.0.105", features = ["derive"] }
-wast = "37.0.0"
+wast = "38.0.0"
diff --git a/crates/wast/Cargo.toml b/crates/wast/Cargo.toml
index 0c8c47ef02..54b98d0c6b 100644
--- a/crates/wast/Cargo.toml
+++ b/crates/wast/Cargo.toml
@@ -12,7 +12,7 @@ edition = "2018"
 [dependencies]
 anyhow = "1.0.19"
 wasmtime = { path = "../wasmtime", version = "0.30.0", default-features = false, features = ['cranelift'] }
-wast = "37.0.0"
+wast = "38.0.0"
 
 [badges]
 maintenance = { status = "actively-developed" }
diff --git a/crates/wast/src/wast.rs b/crates/wast/src/wast.rs
index 6b747335ea..0972a5cbea 100644
--- a/crates/wast/src/wast.rs
+++ b/crates/wast/src/wast.rs
@@ -349,7 +349,7 @@ impl<T> WastContext<T> {
                     )
                 }
             }
-            AssertUncaughtException { .. } => bail!("unimplemented assert_uncaught_exception"),
+            AssertException { .. } => bail!("unimplemented assert_exception"),
         }
 
         Ok(())