diff --git a/.github/workflows/rust-version.yml b/.github/workflows/rust-version.yml
deleted file mode 100644
index 4fc93c421..000000000
--- a/.github/workflows/rust-version.yml
+++ /dev/null
@@ -1,11 +0,0 @@
-name: Rust Version
-
-on:
-  workflow_dispatch:
-  schedule:
-    - cron:  '0 13 * * *'
-
-jobs:
-
-  set-rust-version:
-    uses: stellar/actions/.github/workflows/rust-set-rust-version.yml@main
diff --git a/.github/workflows/rust.yml b/.github/workflows/rust.yml
index 0bc4e7e65..9028df78e 100644
--- a/.github/workflows/rust.yml
+++ b/.github/workflows/rust.yml
@@ -5,9 +5,6 @@ on:
     branches: [main, release/**]
   pull_request:
 
-env:
-  RUSTFLAGS: -Dwarnings -Dclippy::all -Dclippy::pedantic
-
 defaults:
   run:
     shell: bash
@@ -42,6 +39,7 @@ jobs:
     strategy:
       fail-fast: false
       matrix:
+        rust: [msrv, latest]
         include:
         - os: ubuntu-latest
           target: x86_64-unknown-linux-gnu
@@ -57,7 +55,19 @@ jobs:
     steps:
     - uses: actions/checkout@v3
     - uses: stellar/actions/rust-cache@main
+    - name: Use the minimum supported Rust version
+      if: matrix.rust == 'msrv'
+      run: |
+        msrv="$(cargo metadata --format-version 1 --no-deps | jq -r '.packages | map(.rust_version) | map(values) | min')"
+        rustup override set $msrv
+        rustup component add clippy --toolchain $msrv
+    - name: Error on warnings and clippy checks
+      # Only error on warnings and checks for the msrv, because new versions of
+      # Rust will frequently add new warnings and checks.
+      if: matrix.rust == 'msrv'
+      run: echo RUSTFLAGS='-Dwarnings -Dclippy::all -Dclippy::pedantic' >> $GITHUB_ENV
     - run: rustup update
+    - run: cargo version
     - run: rustup target add ${{ matrix.target }}
     - run: rustup target add wasm32-unknown-unknown
     - if: matrix.target == 'aarch64-unknown-linux-gnu'
@@ -70,6 +80,7 @@ jobs:
         for I in cmd/soroban-cli cmd/crates/* cmd/crates/soroban-test/tests/fixtures/test-wasms/hello_world ; do
           cargo test --target ${{ matrix.target }} --manifest-path $I/Cargo.toml
         done
+
   publish-dry-run:
     if: github.event_name == 'push' || startsWith(github.head_ref, 'release/')
     strategy:
diff --git a/Cargo.toml b/Cargo.toml
index e0a4ee2a2..466f04fda 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -12,6 +12,7 @@ exclude = ["cmd/crates/soroban-test/tests/fixtures/hello"]
 
 [workspace.package]
 version = "20.1.1"
+rust-version = "1.74.0"
 
 [workspace.dependencies.soroban-env-host]
 version = "=20.0.2"
diff --git a/cmd/crates/soroban-spec-json/Cargo.toml b/cmd/crates/soroban-spec-json/Cargo.toml
index 164f6d779..04051ea6b 100644
--- a/cmd/crates/soroban-spec-json/Cargo.toml
+++ b/cmd/crates/soroban-spec-json/Cargo.toml
@@ -8,7 +8,7 @@ readme = "README.md"
 license = "Apache-2.0"
 version.workspace = true
 edition = "2021"
-rust-version = "1.70"
+rust-version.workspace = true
 
 [dependencies]
 soroban-spec = { workspace = true }
diff --git a/cmd/crates/soroban-spec-tools/Cargo.toml b/cmd/crates/soroban-spec-tools/Cargo.toml
index bed9d8e6b..61a32c137 100644
--- a/cmd/crates/soroban-spec-tools/Cargo.toml
+++ b/cmd/crates/soroban-spec-tools/Cargo.toml
@@ -8,7 +8,7 @@ license = "Apache-2.0"
 readme = "README.md"
 version.workspace = true
 edition = "2021"
-rust-version = "1.70"
+rust-version.workspace = true
 autobins = false
 
 
diff --git a/cmd/crates/soroban-spec-typescript/Cargo.toml b/cmd/crates/soroban-spec-typescript/Cargo.toml
index 87471e665..cc17073fb 100644
--- a/cmd/crates/soroban-spec-typescript/Cargo.toml
+++ b/cmd/crates/soroban-spec-typescript/Cargo.toml
@@ -8,7 +8,7 @@ readme = "README.md"
 license = "Apache-2.0"
 version.workspace = true
 edition = "2021"
-rust-version = "1.70"
+rust-version.workspace = true
 
 [dependencies]
 soroban-spec = { workspace = true }
diff --git a/cmd/crates/soroban-test/Cargo.toml b/cmd/crates/soroban-test/Cargo.toml
index 7780409ec..b4cde0508 100644
--- a/cmd/crates/soroban-test/Cargo.toml
+++ b/cmd/crates/soroban-test/Cargo.toml
@@ -8,7 +8,7 @@ license = "Apache-2.0"
 readme = "README.md"
 version = "20.1.1"
 edition = "2021"
-rust-version = "1.70"
+rust-version.workspace = true
 autobins = false
 
 
diff --git a/cmd/crates/soroban-test/tests/fixtures/test-wasms/custom_type/Cargo.toml b/cmd/crates/soroban-test/tests/fixtures/test-wasms/custom_type/Cargo.toml
index baa76473b..fd0cedf59 100644
--- a/cmd/crates/soroban-test/tests/fixtures/test-wasms/custom_type/Cargo.toml
+++ b/cmd/crates/soroban-test/tests/fixtures/test-wasms/custom_type/Cargo.toml
@@ -5,7 +5,7 @@ authors = ["Stellar Development Foundation <info@stellar.org>"]
 license = "Apache-2.0"
 edition = "2021"
 publish = false
-rust-version = "1.70"
+rust-version.workspace = true
 
 [lib]
 crate-type = ["cdylib", "rlib"]
diff --git a/cmd/crates/soroban-test/tests/fixtures/test-wasms/hello_world/Cargo.toml b/cmd/crates/soroban-test/tests/fixtures/test-wasms/hello_world/Cargo.toml
index 64780d47a..8f79f9767 100644
--- a/cmd/crates/soroban-test/tests/fixtures/test-wasms/hello_world/Cargo.toml
+++ b/cmd/crates/soroban-test/tests/fixtures/test-wasms/hello_world/Cargo.toml
@@ -5,7 +5,7 @@ authors = ["Stellar Development Foundation <info@stellar.org>"]
 license = "Apache-2.0"
 edition = "2021"
 publish = false
-rust-version = "1.70"
+rust-version.workspace = true
 
 [lib]
 crate-type = ["cdylib", "rlib"]
diff --git a/cmd/crates/soroban-test/tests/fixtures/test-wasms/swap/Cargo.toml b/cmd/crates/soroban-test/tests/fixtures/test-wasms/swap/Cargo.toml
index 27aede50d..f2465e22b 100644
--- a/cmd/crates/soroban-test/tests/fixtures/test-wasms/swap/Cargo.toml
+++ b/cmd/crates/soroban-test/tests/fixtures/test-wasms/swap/Cargo.toml
@@ -5,7 +5,7 @@ authors = ["Stellar Development Foundation <info@stellar.org>"]
 license = "Apache-2.0"
 edition = "2021"
 publish = false
-rust-version = "1.70"
+rust-version.workspace = true
 
 [lib]
 crate-type = ["cdylib"]
diff --git a/cmd/crates/soroban-test/tests/fixtures/test-wasms/token/Cargo.toml b/cmd/crates/soroban-test/tests/fixtures/test-wasms/token/Cargo.toml
index 7a81bee77..3f32f139a 100644
--- a/cmd/crates/soroban-test/tests/fixtures/test-wasms/token/Cargo.toml
+++ b/cmd/crates/soroban-test/tests/fixtures/test-wasms/token/Cargo.toml
@@ -6,7 +6,7 @@ authors = ["Stellar Development Foundation <info@stellar.org>"]
 license = "Apache-2.0"
 edition = "2021"
 publish = false
-rust-version = "1.70"
+rust-version.workspace = true
 
 [lib]
 crate-type = ["cdylib"]
diff --git a/cmd/crates/soroban-test/tests/fixtures/test-wasms/udt/Cargo.toml b/cmd/crates/soroban-test/tests/fixtures/test-wasms/udt/Cargo.toml
index 9764b6455..206284802 100644
--- a/cmd/crates/soroban-test/tests/fixtures/test-wasms/udt/Cargo.toml
+++ b/cmd/crates/soroban-test/tests/fixtures/test-wasms/udt/Cargo.toml
@@ -5,7 +5,7 @@ authors = ["Stellar Development Foundation <info@stellar.org>"]
 license = "Apache-2.0"
 edition = "2021"
 publish = false
-rust-version = "1.69"
+rust-version.workspace = true
 
 [lib]
 crate-type = ["cdylib"]
diff --git a/cmd/soroban-cli/Cargo.toml b/cmd/soroban-cli/Cargo.toml
index 9f4fa2897..972e832a7 100644
--- a/cmd/soroban-cli/Cargo.toml
+++ b/cmd/soroban-cli/Cargo.toml
@@ -8,7 +8,7 @@ license = "Apache-2.0"
 readme = "README.md"
 version = "20.1.1"
 edition = "2021"
-rust-version = "1.72"
+rust-version.workspace = true
 autobins = false
 default-run = "soroban"