diff --git a/.changelog/config.toml b/.changelog/config.toml
new file mode 100644
index 0000000..9d706fd
--- /dev/null
+++ b/.changelog/config.toml
@@ -0,0 +1 @@
+project_url = "https://github.com/noble-assets/halo"
diff --git a/.changelog/unreleased/.gitkeep b/.changelog/unreleased/.gitkeep
new file mode 100644
index 0000000..e69de29
diff --git a/.changelog/v1.0.0/summary.md b/.changelog/v1.0.0/summary.md
new file mode 100644
index 0000000..23c9e9b
--- /dev/null
+++ b/.changelog/v1.0.0/summary.md
@@ -0,0 +1,3 @@
+*Aug 26, 2024*
+
+Initial release of the `x/halo` module, allowing [USYC](https://usyc.hashnote.com) native issuance on Noble.
diff --git a/.changelog/v1.0.1/bug-fixes/8-recipient-check.md b/.changelog/v1.0.1/bug-fixes/8-recipient-check.md
new file mode 100644
index 0000000..b21da27
--- /dev/null
+++ b/.changelog/v1.0.1/bug-fixes/8-recipient-check.md
@@ -0,0 +1 @@
+- Ensure the recipient is a liquidity provider when trading to fiat. ([#8](https://github.com/noble-assets/halo/pull/8))
diff --git a/.changelog/v1.0.1/summary.md b/.changelog/v1.0.1/summary.md
new file mode 100644
index 0000000..e6bda10
--- /dev/null
+++ b/.changelog/v1.0.1/summary.md
@@ -0,0 +1,3 @@
+*Sep 12, 2024*
+
+This is a consensus breaking patch to the `v1` release line.
diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 0000000..f880389
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,18 @@
+# CHANGELOG
+
+## v1.0.1
+
+*Sep 12, 2024*
+
+This is a consensus breaking patch to the `v1` release line.
+
+### BUG FIXES
+
+- Ensure the recipient is a liquidity provider when trading to fiat. ([#8](https://github.com/noble-assets/halo/pull/8))
+
+## v1.0.0
+
+*Aug 26, 2024*
+
+Initial release of the `x/halo` module, allowing [USYC](https://usyc.hashnote.com) native issuance on Noble.
+
diff --git a/x/halo/keeper/msg_server.go b/x/halo/keeper/msg_server.go
index f9d88cb..c4ccbb4 100644
--- a/x/halo/keeper/msg_server.go
+++ b/x/halo/keeper/msg_server.go
@@ -231,7 +231,7 @@ func (k msgServer) TradeToFiat(goCtx context.Context, msg *types.MsgTradeToFiat)
 	if err != nil {
 		return nil, errors.Wrapf(err, "unable to decode recipient address %s", msg.Recipient)
 	}
-	if !k.HasRole(ctx, signer, entitlements.ROLE_LIQUIDITY_PROVIDER) {
+	if !k.HasRole(ctx, recipient, entitlements.ROLE_LIQUIDITY_PROVIDER) {
 		return nil, types.ErrInvalidLiquidityProvider
 	}
 	if !msg.Amount.IsPositive() {
diff --git a/x/halo/keeper/msg_server_test.go b/x/halo/keeper/msg_server_test.go
index a779c71..d07c89a 100644
--- a/x/halo/keeper/msg_server_test.go
+++ b/x/halo/keeper/msg_server_test.go
@@ -913,8 +913,8 @@ func TestTradeToFiat(t *testing.T) {
 	goCtx := sdk.WrapSDKContext(ctx)
 	server := keeper.NewMsgServer(k)
 
-	// ARRANGE: Generate an admin account.
-	admin := utils.TestAccount()
+	// ARRANGE: Generate an admin and recipient account.
+	admin, recipient := utils.TestAccount(), utils.TestAccount()
 
 	// ACT: Attempt to trade to fiat with an invalid signer address.
 	_, err := server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
@@ -936,7 +936,7 @@ func TestTradeToFiat(t *testing.T) {
 	// ACT: Attempt to trade to fiat with an invalid recipient address.
 	_, err = server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
 		Signer:    admin.Address,
-		Recipient: admin.Invalid,
+		Recipient: recipient.Invalid,
 	})
 	// ASSERT: The action should've failed due to invalid recipient address.
 	require.ErrorContains(t, err, "unable to decode recipient address")
@@ -944,19 +944,19 @@ func TestTradeToFiat(t *testing.T) {
 	// ACT: Attempt to trade to fiat with invalid recipient permissions.
 	_, err = server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
 		Signer:    admin.Address,
-		Recipient: admin.Address,
+		Recipient: recipient.Address,
 	})
 	// ASSERT: The action should've failed due to invalid recipient permissions.
 	require.ErrorContains(t, err, types.ErrInvalidLiquidityProvider.Error())
 
 	// ARRANGE: Set liquidity provider in state.
-	k.SetUserRole(ctx, admin.Bytes, entitlements.ROLE_LIQUIDITY_PROVIDER, true)
+	k.SetUserRole(ctx, recipient.Bytes, entitlements.ROLE_LIQUIDITY_PROVIDER, true)
 
 	// ACT: Attempt to trade to fiat with insufficient funds.
 	_, err = server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
 		Signer:    admin.Address,
 		Amount:    ONE,
-		Recipient: admin.Address,
+		Recipient: recipient.Address,
 	})
 	// ASSERT: The action should've failed due to insufficient funds.
 	require.ErrorContains(t, err, "insufficient funds")
@@ -968,7 +968,7 @@ func TestTradeToFiat(t *testing.T) {
 	_, err = server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
 		Signer:    admin.Address,
 		Amount:    sdk.NewInt(-1_000_000),
-		Recipient: admin.Address,
+		Recipient: recipient.Address,
 	})
 	// ASSERT: The action should've failed due to invalid amount.
 	require.ErrorContains(t, err, "invalid amount")
@@ -977,11 +977,11 @@ func TestTradeToFiat(t *testing.T) {
 	_, err = server.TradeToFiat(goCtx, &types.MsgTradeToFiat{
 		Signer:    admin.Address,
 		Amount:    ONE,
-		Recipient: admin.Address,
+		Recipient: recipient.Address,
 	})
 	// ASSERT: The action should've succeeded.
 	require.NoError(t, err)
-	require.Equal(t, ONE, bank.Balances[admin.Address].AmountOf(k.Underlying))
+	require.Equal(t, ONE, bank.Balances[recipient.Address].AmountOf(k.Underlying))
 	require.True(t, bank.Balances[types.ModuleName].IsZero())
 }