diff --git a/a3p-integration/proposals/p:upgrade-19/.gitignore b/a3p-integration/proposals/p:upgrade-19/.gitignore
index ffa9f22d144..e02eb30fb97 100644
--- a/a3p-integration/proposals/p:upgrade-19/.gitignore
+++ b/a3p-integration/proposals/p:upgrade-19/.gitignore
@@ -7,3 +7,4 @@ publishTestInfo/
 upgrade-mintHolder/
 upgradeAssetReserve/
 terminate-governor/
+upgradePSM/
diff --git a/a3p-integration/proposals/p:upgrade-19/package.json b/a3p-integration/proposals/p:upgrade-19/package.json
index 638d622ecf4..d70003a54e0 100644
--- a/a3p-integration/proposals/p:upgrade-19/package.json
+++ b/a3p-integration/proposals/p:upgrade-19/package.json
@@ -6,6 +6,7 @@
       "testing/add-USD-LEMONS.js addUsdLemons",
       "vats/upgrade-provisionPool.js upgradeProvisionPool",
       "vats/upgrade-asset-reserve.js upgradeAssetReserve",
+      "vats/upgrade-psm.js upgradePSM",
       "vats/upgrade-paRegistry.js",
       "vats/upgrade-agoricNames.js agoricNamesCoreEvals/upgradeAgoricNames",
       "testing/add-USD-OLIVES.js agoricNamesCoreEvals/addUsdOlives",
diff --git a/a3p-integration/proposals/p:upgrade-19/psm.test.js b/a3p-integration/proposals/p:upgrade-19/psm.test.js
new file mode 100644
index 00000000000..90ff2060d98
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/psm.test.js
@@ -0,0 +1,81 @@
+/* eslint-env node */
+/**
+ * @file The goal of this file is to make sure all the PSM contacts are upgrade. Each set of vats are different
+ * per chain, but for mainnet, we expect this to be: V37-V42, V73, V76
+ *
+ * The test scenario is as follows;
+ * 1. Simulate trade of IST and USDC
+ * 2. Upgrade all PSMs
+ * 3. Verify metrics are the same after the upgrade
+ * 4. Verify trading is still possible after the upgrade
+ */
+
+import '@endo/init';
+import test from 'ava';
+import { evalBundles } from '@agoric/synthetic-chain';
+import { makeVstorageKit } from '@agoric/client-utils';
+
+const UPGRADE_PSM_DIR = 'upgradePSM';
+const SWAP_ANCHOR = 'swapAnchorForMintedSeat';
+
+test.before(async t => {
+  const vstorageKit = await makeVstorageKit(
+    { fetch },
+    { rpcAddrs: ['http://localhost:26657'], chainName: 'agoriclocal' },
+  );
+
+  t.context = {
+    vstorageKit,
+  };
+});
+
+test.serial('simulate trade of IST and USDC', async t => {
+  // @ts-expect-error casting
+  const { vstorageKit } = t.context;
+
+  await evalBundles(SWAP_ANCHOR);
+
+  const metrics = await vstorageKit.readLatestHead(
+    'published.psm.IST.USDC.metrics',
+  );
+
+  t.is(metrics.anchorPoolBalance.value, 500000n);
+  t.is(metrics.feePoolBalance.value, 0n);
+  t.is(metrics.mintedPoolBalance.value, 500000n);
+  t.is(metrics.totalAnchorProvided.value, 0n);
+  t.is(metrics.totalMintedProvided.value, 500000n);
+});
+
+test.serial('upgrade PSMs', async t => {
+  // @ts-expect-error casting
+  const { vstorageKit } = t.context;
+
+  await evalBundles(UPGRADE_PSM_DIR);
+
+  const metrics = await vstorageKit.readLatestHead(
+    'published.psm.IST.USDC.metrics',
+  );
+
+  t.is(metrics.anchorPoolBalance.value, 500000n);
+  t.is(metrics.feePoolBalance.value, 0n);
+  t.is(metrics.mintedPoolBalance.value, 500000n);
+  t.is(metrics.totalAnchorProvided.value, 0n);
+  t.is(metrics.totalMintedProvided.value, 500000n);
+});
+
+test.serial('verify trading after upgrade', async t => {
+  // @ts-expect-error casting
+  const { vstorageKit } = t.context;
+
+  await evalBundles(SWAP_ANCHOR);
+
+  const metrics = await vstorageKit.readLatestHead(
+    'published.psm.IST.USDC.metrics',
+  );
+
+  t.is(metrics.anchorPoolBalance.value, 1000000n);
+  t.is(metrics.feePoolBalance.value, 0n);
+  t.is(metrics.mintedPoolBalance.value, 1000000n);
+  t.is(metrics.totalAnchorProvided.value, 0n);
+  t.is(metrics.totalMintedProvided.value, 1000000n);
+});
diff --git a/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat-permit.json b/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat-permit.json
new file mode 100644
index 00000000000..067c22846cd
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat-permit.json
@@ -0,0 +1,8 @@
+{
+    "consume": {
+      "contractKits": true,
+      "zoe": true,
+      "agoricNames": true,
+      "psmKit": true
+    }
+}
diff --git a/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat.js b/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat.js
new file mode 100644
index 00000000000..1f26f84cce2
--- /dev/null
+++ b/a3p-integration/proposals/p:upgrade-19/swapAnchorForMintedSeat/swap-anchor-for-minted-seat.js
@@ -0,0 +1,59 @@
+// @ts-nocheck
+/* eslint-disable no-undef */
+
+const swapAnchorForMintedSeat = async powers => {
+  const {
+    consume: { zoe, contractKits: contractKitsP, psmKit: psmKitP, agoricNames },
+  } = powers;
+
+  const [contractKits, psmKit, usdcIssuer, usdcBrand] = await Promise.all([
+    contractKitsP,
+    psmKitP,
+    E(agoricNames).lookup('issuer', 'USDC'),
+    E(agoricNames).lookup('brand', 'USDC'),
+  ]);
+
+  console.log('CONTRACT_KITS', contractKits);
+  console.log('ISSUER', usdcIssuer);
+
+  let govCreatorFacet;
+  for (const { psmGovernorCreatorFacet, label } of psmKit.values()) {
+    if (label === 'psm-IST-USDC') {
+      govCreatorFacet = psmGovernorCreatorFacet;
+      console.log('psm-IST-USDC found', label);
+    }
+  }
+
+  const psmPublicFacet = await E(govCreatorFacet).getPublicFacet();
+
+  let usdcMint;
+  for (const { publicFacet, creatorFacet: mint } of contractKits.values()) {
+    if (publicFacet === usdcIssuer) {
+      usdcMint = mint;
+      console.log('USDC found', mint);
+      break;
+    }
+  }
+
+  console.log('Minting USDC');
+  assert(usdcMint, 'USDC mint not found');
+
+  const amt = harden({ brand: usdcBrand, value: 500000n });
+  const payment = await E(usdcMint).mintPayment(amt);
+
+  const seat = E(zoe).offer(
+    E(psmPublicFacet).makeWantMintedInvitation(),
+    harden({
+      give: { In: amt },
+    }),
+    harden({ In: payment }),
+  );
+
+  console.log(await E(seat).getPayouts());
+
+  // We'll check for success in the tests that run this proposal by validating the metric values in
+  // vstorage
+  console.log('Done.');
+};
+
+swapAnchorForMintedSeat;
diff --git a/a3p-integration/proposals/p:upgrade-19/test.sh b/a3p-integration/proposals/p:upgrade-19/test.sh
index 9b175d8e6e0..97b3e694e04 100644
--- a/a3p-integration/proposals/p:upgrade-19/test.sh
+++ b/a3p-integration/proposals/p:upgrade-19/test.sh
@@ -8,5 +8,6 @@ yarn ava provisionPool.test.js
 yarn ava agoricNames.test.js
 
 yarn ava assetReserve.test.js
+yarn ava psm.test.js
 
 yarn ava registry.test.js
diff --git a/golang/cosmos/app/upgrade.go b/golang/cosmos/app/upgrade.go
index 7f682710986..ba513a24888 100644
--- a/golang/cosmos/app/upgrade.go
+++ b/golang/cosmos/app/upgrade.go
@@ -304,6 +304,9 @@ func unreleasedUpgradeHandler(app *GaiaApp, targetUpgrade string) func(sdk.Conte
 			// 	vm.CoreProposalStepForModules(
 			// 		"@agoric/builders/scripts/vats/upgrade-asset-reserve.js",
 			// 	),
+			// 	vm.CoreProposalStepForModules(
+			// 		"@agoric/builders/scripts/vats/upgrade-psm.js",
+			// 	),
 			// )
 
 			terminateOldGovernor, err := terminateGovernorCoreProposal(targetUpgrade)
diff --git a/packages/builders/scripts/vats/upgrade-psm.js b/packages/builders/scripts/vats/upgrade-psm.js
new file mode 100644
index 00000000000..678f4a5449b
--- /dev/null
+++ b/packages/builders/scripts/vats/upgrade-psm.js
@@ -0,0 +1,19 @@
+import { makeHelpers } from '@agoric/deploy-script-support';
+
+/** @type {import('@agoric/deploy-script-support/src/externalTypes.js').CoreEvalBuilder} */
+export const defaultProposalBuilder = async ({ publishRef, install }) =>
+  harden({
+    sourceSpec: '@agoric/vats/src/proposals/upgrade-psm-proposal.js',
+    getManifestCall: [
+      'getManifestForUpgradingPSM',
+      {
+        psmRef: publishRef(install('@agoric/inter-protocol/src/psm/psm.js')),
+      },
+    ],
+  });
+
+/** @type {import('@agoric/deploy-script-support/src/externalTypes.js').DeployScriptFunction} */
+export default async (homeP, endowments) => {
+  const { writeCoreProposal } = await makeHelpers(homeP, endowments);
+  await writeCoreProposal('upgrade-psm', defaultProposalBuilder);
+};
diff --git a/packages/vats/src/proposals/upgrade-psm-proposal.js b/packages/vats/src/proposals/upgrade-psm-proposal.js
new file mode 100644
index 00000000000..1151077c61a
--- /dev/null
+++ b/packages/vats/src/proposals/upgrade-psm-proposal.js
@@ -0,0 +1,74 @@
+import { E } from '@endo/far';
+import { deeplyFulfilled } from '@endo/marshal';
+import { makeTracer } from '@agoric/internal';
+
+const trace = makeTracer('UpgradePSM');
+
+/**
+ * @param {BootstrapPowers & {
+ *   consume: {
+ *     economicCommitteeCreatorFacet: any;
+ *     psmKit: any;
+ *   };
+ * }} powers
+ * @param {object} options
+ * @param {{
+ *   psmRef: VatSourceRef;
+ * }} options.options
+ */
+export const upgradePSMProposal = async (
+  {
+    consume: {
+      psmKit: psmKitP,
+      economicCommitteeCreatorFacet: electorateCreatorFacet,
+      instancePrivateArgs: instancePrivateArgsP,
+    },
+  },
+  options,
+) => {
+  const { psmRef } = options.options;
+
+  trace(`PSM BUNDLE ID: `, psmRef);
+
+  const [psmKitMap, instancePrivateArgs] = await Promise.all([
+    psmKitP,
+    instancePrivateArgsP,
+  ]);
+
+  for (const { psm, psmAdminFacet, label } of psmKitMap.values()) {
+    const [originalPrivateArgs, poserInvitation] = await Promise.all([
+      // eslint-disable-next-line @typescript-eslint/ban-ts-comment
+      // @ts-ignore Local tsc sees this as an error but typedoc does not
+      deeplyFulfilled(instancePrivateArgs.get(psm)),
+      E(electorateCreatorFacet).getPoserInvitation(),
+    ]);
+
+    const newPrivateArgs = harden({
+      ...originalPrivateArgs,
+      initialPoserInvitation: poserInvitation,
+    });
+
+    const upgradeResult = await E(psmAdminFacet).upgradeContract(
+      psmRef.bundleID,
+      newPrivateArgs,
+    );
+
+    trace(`PSM ${label} upgraded: `, upgradeResult);
+  }
+
+  trace('Done.');
+};
+
+export const getManifestForUpgradingPSM = (_powers, { psmRef }) => ({
+  manifest: {
+    [upgradePSMProposal.name]: {
+      consume: {
+        psmKit: true,
+        economicCommitteeCreatorFacet: true,
+        instancePrivateArgs: true,
+      },
+      produce: {},
+    },
+  },
+  options: { psmRef },
+});