diff --git a/Cargo.lock b/Cargo.lock
index 24621cd2c6f..6bdae9d83fb 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -9191,7 +9191,9 @@ version = "0.9.0"
 dependencies = [
  "candid",
  "ic-ledger-hash-of",
+ "ic-stable-structures",
  "num-traits",
+ "proptest",
  "serde",
  "serde_bytes",
 ]
diff --git a/rs/ledger_suite/common/ledger_core/BUILD.bazel b/rs/ledger_suite/common/ledger_core/BUILD.bazel
index 797c654a270..ba8f054c248 100644
--- a/rs/ledger_suite/common/ledger_core/BUILD.bazel
+++ b/rs/ledger_suite/common/ledger_core/BUILD.bazel
@@ -11,6 +11,7 @@ rust_library(
         # Keep sorted.
         "//packages/ic-ledger-hash-of:ic_ledger_hash_of",
         "@crate_index//:candid",
+        "@crate_index//:ic-stable-structures",
         "@crate_index//:num-traits",
         "@crate_index//:serde",
         "@crate_index//:serde_bytes",
@@ -21,6 +22,7 @@ rust_test(
     name = "ledger_core_test",
     crate = ":ledger_core",
     deps = [
+        "@crate_index//:proptest",
     ],
 )
 
diff --git a/rs/ledger_suite/common/ledger_core/Cargo.toml b/rs/ledger_suite/common/ledger_core/Cargo.toml
index fa577268bfe..469dc7b61ed 100644
--- a/rs/ledger_suite/common/ledger_core/Cargo.toml
+++ b/rs/ledger_suite/common/ledger_core/Cargo.toml
@@ -9,8 +9,10 @@ documentation.workspace = true
 [dependencies]
 candid = { workspace = true }
 ic-ledger-hash-of = { path = "../../../../packages/ic-ledger-hash-of" }
+ic-stable-structures = { workspace = true }
 num-traits = { workspace = true }
 serde = { workspace = true }
 serde_bytes = { workspace = true }
 
 [dev-dependencies]
+proptest = { workspace = true }
diff --git a/rs/ledger_suite/common/ledger_core/src/approvals.rs b/rs/ledger_suite/common/ledger_core/src/approvals.rs
index 5939d2a791e..9cf9006e7f7 100644
--- a/rs/ledger_suite/common/ledger_core/src/approvals.rs
+++ b/rs/ledger_suite/common/ledger_core/src/approvals.rs
@@ -1,7 +1,13 @@
 use crate::timestamp::TimeStamp;
 use crate::tokens::{CheckedSub, TokensType, Zero};
+use candid::Nat;
+use ic_stable_structures::{storable::Bound, Storable};
 use serde::{Deserialize, Serialize};
 use std::collections::{BTreeMap, BTreeSet};
+use std::{
+    borrow::Cow,
+    io::{Cursor, Read},
+};
 
 #[cfg(test)]
 mod tests;
@@ -474,3 +480,40 @@ where
 fn remote_future() -> TimeStamp {
     TimeStamp::from_nanos_since_unix_epoch(u64::MAX)
 }
+
+impl<Tokens: Clone + Into<Nat> + TryFrom<Nat, Error = String>> Storable for Allowance<Tokens> {
+    fn to_bytes(&self) -> Cow<[u8]> {
+        let mut buffer = vec![];
+        let amount: Nat = self.amount.clone().into();
+        amount
+            .encode(&mut buffer)
+            .expect("Unable to serialize amount");
+        if let Some(expires_at) = self.expires_at {
+            buffer.extend(expires_at.as_nanos_since_unix_epoch().to_le_bytes());
+        }
+        // We don't serialize arrived_at - it is not used after stable structures migration.
+        Cow::Owned(buffer)
+    }
+
+    fn from_bytes(bytes: Cow<[u8]>) -> Self {
+        let mut cursor = Cursor::new(bytes.into_owned());
+        let amount = Nat::decode(&mut cursor).expect("Unable to deserialize amount");
+        let amount = Tokens::try_from(amount).expect("Unable to convert Nat to Tokens");
+        // arrived_at was not serialized, use a default value.
+        let arrived_at = TimeStamp::from_nanos_since_unix_epoch(0);
+        let mut expires_at_bytes = [0u8; 8];
+        let expires_at = match cursor.read_exact(&mut expires_at_bytes) {
+            Ok(()) => Some(TimeStamp::from_nanos_since_unix_epoch(u64::from_le_bytes(
+                expires_at_bytes,
+            ))),
+            _ => None,
+        };
+        Self {
+            amount,
+            arrived_at,
+            expires_at,
+        }
+    }
+
+    const BOUND: Bound = Bound::Unbounded;
+}
diff --git a/rs/ledger_suite/common/ledger_core/src/approvals/tests.rs b/rs/ledger_suite/common/ledger_core/src/approvals/tests.rs
index c6ea7acb0b4..c112741de90 100644
--- a/rs/ledger_suite/common/ledger_core/src/approvals/tests.rs
+++ b/rs/ledger_suite/common/ledger_core/src/approvals/tests.rs
@@ -3,6 +3,7 @@ use std::collections::HashSet;
 use super::*;
 use crate::timestamp::TimeStamp;
 use crate::tokens::Tokens;
+use ic_stable_structures::Storable;
 use std::cmp;
 
 fn ts(n: u64) -> TimeStamp {
@@ -619,3 +620,37 @@ fn expected_allowance_if_zero_no_approval() {
         }
     );
 }
+
+use proptest::prelude::{any, prop_assert_eq, proptest};
+use proptest::strategy::Strategy;
+
+#[test]
+fn allowance_serialization() {
+    fn arb_token() -> impl Strategy<Value = Tokens> {
+        any::<u64>().prop_map(Tokens::from_e8s)
+    }
+    fn arb_timestamp() -> impl Strategy<Value = TimeStamp> {
+        any::<u64>().prop_map(TimeStamp::from_nanos_since_unix_epoch)
+    }
+    fn arb_opt_expiration() -> impl Strategy<Value = Option<TimeStamp>> {
+        proptest::option::of(any::<u64>().prop_map(TimeStamp::from_nanos_since_unix_epoch))
+    }
+    fn arb_allowance() -> impl Strategy<Value = Allowance<Tokens>> {
+        (arb_token(), arb_opt_expiration(), arb_timestamp()).prop_map(
+            |(amount, expires_at, arrived_at)| Allowance {
+                amount,
+                expires_at,
+                arrived_at,
+            },
+        )
+    }
+    proptest!(|(allowance in arb_allowance())| {
+        let new_allowance: Allowance<Tokens> = Allowance::from_bytes(allowance.to_bytes());
+        prop_assert_eq!(new_allowance.amount, allowance.amount);
+        prop_assert_eq!(new_allowance.expires_at, allowance.expires_at);
+        prop_assert_eq!(
+            new_allowance.arrived_at,
+            TimeStamp::from_nanos_since_unix_epoch(0)
+        );
+    })
+}