diff --git a/CHANGES.rst b/CHANGES.rst
index 62efb8c4a..a3e913ec0 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -3,6 +3,9 @@
 
 - Fix ``numpy.ma.MaskedArray`` saving for numpy 2.x [#1769]
 
+- Add ``float16`` support [#1692]
+
+
 3.1.0 (2024-02-27)
 ------------------
 
@@ -52,6 +55,7 @@ The ASDF Standard is at v1.6.0
 
 - Deprecate ``AsdfFile.version_map`` [#1745]
 
+
 3.0.1 (2023-10-30)
 ------------------
 
diff --git a/asdf/_tests/tags/core/tests/test_ndarray.py b/asdf/_tests/tags/core/tests/test_ndarray.py
index bab255ba3..339567e8d 100644
--- a/asdf/_tests/tags/core/tests/test_ndarray.py
+++ b/asdf/_tests/tags/core/tests/test_ndarray.py
@@ -117,9 +117,9 @@ def with_custom_extension():
 
 
 @contextlib.contextmanager
-def roundtrip(af, raw=False):
+def roundtrip(af, raw=False, standard_version=None):
     if not isinstance(af, asdf.AsdfFile):
-        af = asdf.AsdfFile(af)
+        af = asdf.AsdfFile(af, version=standard_version)
     b = io.BytesIO()
     af.write_to(b)
     b.seek(0)
@@ -171,21 +171,14 @@ def test_byteorder(tmp_path):
             assert my_tree["little"].dtype.byteorder == "<"
 
 
-def test_all_dtypes(tmp_path):
+@pytest.mark.parametrize("dtype", ndarray._datatype_names.values())
+def test_all_dtypes(dtype):
+    standard_version = "1.6.0" if dtype == "f2" else None
     tree = {}
     for byteorder in (">", "<"):
-        for dtype in ndarray._datatype_names.values():
-            # Python 3 can't expose these dtypes in non-native byte
-            # order, because it's using the new Python buffer
-            # interface.
-            if dtype in ("c32", "f16"):
-                continue
-
-            arr = np.array([True, False]) if dtype == "b1" else np.arange(0, 10, dtype=str(byteorder + dtype))
-
-            tree[byteorder + dtype] = arr
-
-    with roundtrip(tree) as af:
+        arr = np.array([True, False]) if dtype == "b1" else np.arange(0, 10, dtype=str(byteorder + dtype))
+        tree[byteorder + dtype] = arr
+    with roundtrip(tree, standard_version=standard_version) as af:
         for k in tree:
             pre = tree[k]
             post = af[k]
diff --git a/asdf/tags/core/ndarray.py b/asdf/tags/core/ndarray.py
index b59e331aa..37574073f 100644
--- a/asdf/tags/core/ndarray.py
+++ b/asdf/tags/core/ndarray.py
@@ -16,6 +16,7 @@
     "uint16": "u2",
     "uint32": "u4",
     "uint64": "u8",
+    "float16": "f2",
     "float32": "f4",
     "float64": "f8",
     "complex64": "c8",
diff --git a/pyproject.toml b/pyproject.toml
index 582029927..372b29373 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -19,7 +19,7 @@ dynamic = [
   'version',
 ]
 dependencies = [
-  "asdf-standard>=1.0.1",
+  "asdf-standard>=1.1.0",
   "asdf-transform-schemas>=0.3",
   "asdf-unit-schemas>=0.1",
   "importlib-metadata>=4.11.4",