diff --git a/CHANGES.md b/CHANGES.md
index 2765045a13..860e89ed99 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,7 +1,22 @@
-# Synapse 1.87.0rc1 (2023-06-27)
+# Synapse 1.87.0 (2023-07-04)
 
 Please note that this will be the last release of Synapse that is compatible with
 Python 3.7 and earlier.
+This is due to Python 3.7 now having reached End of Life; see our [deprecation policy](https://matrix-org.github.io/synapse/v1.87/deprecation_policy.html)
+for more details.
+
+### Bugfixes
+
+- Pin `pydantic` to `^1.7.4` to avoid backwards-incompatible API changes from the 2.0.0 release.
+  Resolves https://github.com/matrix-org/synapse/issues/15858.
+  Contributed by @PaarthShah. ([\#15862](https://github.com/matrix-org/synapse/issues/15862))
+
+### Internal Changes
+
+- Split out 2022 changes from the changelog so the rendered version in GitHub doesn't timeout as much. ([\#15846](https://github.com/matrix-org/synapse/issues/15846))
+
+
+# Synapse 1.87.0rc1 (2023-06-27)
 
 ### Features
 
diff --git a/changelog.d/15846.misc b/changelog.d/15846.misc
deleted file mode 100644
index f1c31d6663..0000000000
--- a/changelog.d/15846.misc
+++ /dev/null
@@ -1 +0,0 @@
-Split out 2022 changes from the changelog so the rendered version in GitHub doesn't timeout as much.
diff --git a/debian/changelog b/debian/changelog
index 2fa8d30fe1..0d9216bee8 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.87.0) stable; urgency=medium
+
+  * New Synapse release 1.87.0.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 04 Jul 2023 16:24:00 +0100
+
 matrix-synapse-py3 (1.87.0~rc1) stable; urgency=medium
 
   * New synapse release 1.87.0rc1.
diff --git a/pyproject.toml b/pyproject.toml
index 67ee3f1738..192a07756b 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -89,7 +89,7 @@ manifest-path = "rust/Cargo.toml"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.87.0rc1"
+version = "1.87.0"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "Apache-2.0"