diff --git a/CHANGELOG.md b/CHANGELOG.md
index 293fca9a2..276a7ee0f 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,14 @@
 # Changelog
 
+## 8.7.0-beta.1 - 2023-07-13
+* [#1245](https://github.com/stripe/stripe-ruby/pull/1245) Update generated code for beta
+  Release specs are identical.
+* [#1243](https://github.com/stripe/stripe-ruby/pull/1243) Update generated code for beta
+  * Add support for new resource `PaymentMethodConfiguration`
+  * Add support for `create`, `list`, `retrieve`, and `update` methods on resource `PaymentMethodConfiguration`
+* [#1239](https://github.com/stripe/stripe-ruby/pull/1239) Update generated code for beta
+
+
 ## 8.6.0 - 2023-07-13
 * [#1244](https://github.com/stripe/stripe-ruby/pull/1244) Update generated code
   * Add support for new resource `Tax.Settings`
diff --git a/VERSION b/VERSION
index 8779f2276..e6f85b000 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-8.6.0-beta.6
+8.7.0-beta.1
diff --git a/lib/stripe/version.rb b/lib/stripe/version.rb
index 696ee49a9..d979ad9c3 100644
--- a/lib/stripe/version.rb
+++ b/lib/stripe/version.rb
@@ -1,5 +1,5 @@
 # frozen_string_literal: true
 
 module Stripe
-  VERSION = "8.6.0-beta.6"
+  VERSION = "8.7.0-beta.1"
 end