diff --git a/CHANGELOG.md b/CHANGELOG.md
index 63cf505f..fe745e59 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -8,6 +8,8 @@ and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0
 
 ## Unreleased
 
+* Updated the serialization of `WasmMemoryPersistence`.
+
 ## [0.39.3] - 2025-01-21
 
 * Added `wasm_memory_threshold` field to `CanisterSettings`.
diff --git a/ic-utils/src/interfaces/management_canister/builders.rs b/ic-utils/src/interfaces/management_canister/builders.rs
index 758cb173..834bcf5b 100644
--- a/ic-utils/src/interfaces/management_canister/builders.rs
+++ b/ic-utils/src/interfaces/management_canister/builders.rs
@@ -524,9 +524,11 @@ impl<'agent, 'canister: 'agent> IntoFuture for CreateCanisterBuilder<'agent, 'ca
 pub enum WasmMemoryPersistence {
     /// Retain the main memory across upgrades.
     /// Used for enhanced orthogonal persistence, as implemented in Motoko
+    #[serde(rename = "keep")]
     Keep,
     /// Reinitialize the main memory on upgrade.
     /// Default behavior without enhanced orthogonal persistence.
+    #[serde(rename = "replace")]
     Replace,
 }