diff --git a/OpenTelemetryPlan/05-configuration-reference.md b/OpenTelemetryPlan/05-configuration-reference.md
index 7e47023f51..cc3a83b347 100644
--- a/OpenTelemetryPlan/05-configuration-reference.md
+++ b/OpenTelemetryPlan/05-configuration-reference.md
@@ -55,7 +55,7 @@ phases. They will be added as the corresponding subsystems are instrumented:
 
 > **TxQ** = Transaction Queue
 
-The parser `setupTelemetry()` in `src/libxrpl/telemetry/TelemetryConfig.cpp` reads the `[telemetry]` `Section` and populates a `Telemetry::Setup` struct, applying the defaults listed in Section 5.1.2 via `section.value_or(...)`. It derives `serviceInstanceId` from the node public key when not overridden, selects the exporter endpoint default by exporter type, and leaves the sampling ratio at its fixed 1.0 default (not read from config — see Section 7.4.2).
+The parser `makeTelemetrySetup()` in `src/libxrpl/telemetry/TelemetryConfig.cpp` reads the `[telemetry]` `Section` and populates a `Telemetry::Setup` struct, applying the defaults listed in Section 5.1.2 via `section.value_or(...)`. It derives `serviceInstanceId` from the node public key when not overridden, selects the exporter endpoint default by exporter type, and leaves the sampling ratio at its fixed 1.0 default (not read from config — see Section 7.4.2).
 
 ---
 
@@ -69,7 +69,7 @@ The parser `setupTelemetry()` in `src/libxrpl/telemetry/TelemetryConfig.cpp` rea
 > constructed with an empty `serviceInstanceId` and patched via
 > `setServiceInstanceId()` once `setup()` has called `getNodeIdentity()`.
 
-`ApplicationImp` (in `src/xrpld/app/main/Application.cpp`) owns a `std::unique_ptr<telemetry::Telemetry> telemetry_`. It is built in the member initializer list via `makeTelemetry(setupTelemetry(...))` with an empty `serviceInstanceId`, then patched in `setup()` by calling `setServiceInstanceId()` with the Base58 node public key (unless the user supplied a custom `service_instance_id`). `start()` and `run()` forward to `telemetry_->start()` / `telemetry_->stop()`, and `getTelemetry()` returns the owned instance.
+`ApplicationImp` (in `src/xrpld/app/main/Application.cpp`) owns a `std::unique_ptr<telemetry::Telemetry> telemetry_`. It is built in the member initializer list via `makeTelemetry(makeTelemetrySetup(...))` with an empty `serviceInstanceId`, then patched in `setup()` by calling `setServiceInstanceId()` with the Base58 node public key (unless the user supplied a custom `service_instance_id`). `start()` and `run()` forward to `telemetry_->start()` / `telemetry_->stop()`, and `getTelemetry()` returns the owned instance.
 
 ### 5.3.2 ServiceRegistry Interface Addition
 
@@ -135,7 +135,7 @@ flowchart TB
     end
 
     subgraph init["Initialization"]
-        parse["setupTelemetry()"]
+        parse["makeTelemetrySetup()"]
         factory["makeTelemetry()"]
     end
 
@@ -169,7 +169,7 @@ flowchart TB
 **Reading the diagram:**
 
 - **Configuration Sources**: `xrpld.cfg` provides runtime settings (endpoint, per-component trace toggles) while the CMake flag controls whether telemetry is compiled in at all. Head sampling is fixed at 1.0 and is not a config option; volume reduction happens via tail sampling in the collector.
-- **Initialization**: `setupTelemetry()` parses config values, then `makeTelemetry()` constructs the provider, processor, and exporter objects.
+- **Initialization**: `makeTelemetrySetup()` parses config values, then `makeTelemetry()` constructs the provider, processor, and exporter objects.
 - **Runtime Components**: The `TracerProvider` creates spans, the `BatchProcessor` buffers them, and the `OTLP Exporter` serializes and sends them over the wire.
 - **OTLP arrow to Collector**: Trace data leaves the xrpld process via OTLP/HTTP and enters the external Collector pipeline. (OTLP/gRPC is future work — see design decisions §2.2.2.)
 - **Collector Pipeline**: `Receivers` ingest OTLP data, `Processors` apply sampling/filtering/enrichment, and `Exporters` forward traces to storage backends (Tempo, etc.).
diff --git a/OpenTelemetryPlan/Phase2_taskList.md b/OpenTelemetryPlan/Phase2_taskList.md
index 89d9ddd6e0..74d13d54c3 100644
--- a/OpenTelemetryPlan/Phase2_taskList.md
+++ b/OpenTelemetryPlan/Phase2_taskList.md
@@ -67,7 +67,7 @@
 
 - `src/tests/libxrpl/telemetry/TelemetryConfig.cpp`:
   - Test Setup defaults (all fields have correct initial values)
-  - Test `setupTelemetry` config parser (empty section, full section, edge cases)
+  - Test `makeTelemetrySetup` config parser (empty section, full section, edge cases)
   - Test `samplingRatio` clamping (values outside 0.0-1.0)
 
 - `src/tests/libxrpl/telemetry/SpanGuardFactory.cpp`:
diff --git a/src/tests/libxrpl/telemetry/MetricsRegistry.cpp b/src/tests/libxrpl/telemetry/MetricsRegistry.cpp
index 1e26926452..6cec383c7a 100644
--- a/src/tests/libxrpl/telemetry/MetricsRegistry.cpp
+++ b/src/tests/libxrpl/telemetry/MetricsRegistry.cpp
@@ -14,15 +14,17 @@
  *     on the nodestore_state gauge. Also a public static constexpr inline,
  *     so it runs in both builds for the same reason.
  *
- *  3. The no-op / telemetry-disabled path — construction, start()/stop()
- *     lifecycle, and the synchronous record*() methods. Guarded, because
+ *  3. The no-op / telemetry-disabled path — construction, the two-phase
+ *     start() / startAsyncGauges() / stop() lifecycle, and the synchronous
+ *     record*() methods. Guarded, because
  *     when XRPL_ENABLE_TELEMETRY is defined MetricsRegistry.cpp is not
  *     compiled into this binary (see src/tests/libxrpl/CMakeLists.txt) and
  *     its out-of-line symbols are unresolvable here.
  *
  *  Tests cover:
  *  - Construction with telemetry disabled (no-op behavior).
- *  - start()/stop() lifecycle when disabled.
+ *  - The two-phase start() / startAsyncGauges() / stop() lifecycle when
+ *    disabled.
  *  - Synchronous instrument recording methods do not crash when disabled.
  *  - Double stop() is safe.
  *  - Destructor handles cleanup without crash.
@@ -465,6 +467,7 @@ TEST(MetricsRegistryScaledMean, default_scale_is_one)
 #include <optional>
 #include <stdexcept>
 #include <string>
+#include <string_view>
 #include <type_traits>
 #include <utility>
 
@@ -472,6 +475,14 @@ using namespace xrpl;
 
 namespace {
 
+/**
+ * OTLP/HTTP endpoint passed to every start() call below. Nothing ever dials
+ * it -- these tests exercise the no-op path -- it just has to be a plausible
+ * URL. start() takes `std::string const&`, so call sites construct one from
+ * this view rather than repeating the literal.
+ */
+constexpr std::string_view kTestEndpoint{"http://localhost:4318/v1/metrics"};
+
 /**
  * Minimal mock ServiceRegistry for MetricsRegistry testing.
  *
@@ -765,17 +776,108 @@ TEST_F(MetricsRegistryTest, disabled_start_stop)
     telemetry::MetricsRegistry registry(false, mockApp_, j_);
 
     // start() and stop() should be no-ops when disabled.
-    registry.start("http://localhost:4318/v1/metrics");
+    registry.start(std::string{kTestEndpoint});
     registry.stop();
 
     // Double stop should be safe.
     registry.stop();
 }
 
+// ---------------------------------------------------------------------------
+// The two-phase startup split: start() then startAsyncGauges().
+//
+// Why the split exists: start() reads only config strings, while the
+// observable-instrument callbacks registered by startAsyncGauges() read live
+// Application services (getOverlay() asserts overlay_ is non-null). The split
+// lets the meter go live before the first consensus round records its
+// mode-transition counter, while the callbacks still wait for the subsystems.
+//
+// SCOPE OF THESE TESTS -- read before adding to them. MetricsRegistry.cpp is
+// compiled into this binary ONLY when telemetry is OFF
+// (src/tests/libxrpl/CMakeLists.txt:117-126 -- the `else()` branch; when it is
+// ON the .cpp needs concrete xrpld types such as LedgerMaster, TxQ, NetworkOPs,
+// Overlay and node_store::Database, which a standalone GTest binary cannot
+// link). Both start() and startAsyncGauges() therefore compile here to their
+// `#else` branch, which only (void)-casts its arguments. So these tests pin the
+// API SURFACE -- that both entry points exist, are callable in either order,
+// and leave the object usable -- and NOT the gauge behaviour. Real coverage of
+// "gauges observe values only after startAsyncGauges()" is unreachable from
+// this target; it needs the enabled path plus an in-memory metric reader.
+//
+// Two properties the production code does NOT have, so nothing below asserts
+// them: startAsyncGauges() has no idempotency guard (a second call on the
+// enabled path would create a second set of same-named instruments), and
+// callbacksDetached_ is one-way, so detachCallbacks() followed by
+// startAsyncGauges() would register permanently-dead instruments.
+// ---------------------------------------------------------------------------
+
+TEST_F(MetricsRegistryTest, async_gauges_start_after_start_is_safe)
+{
+    telemetry::MetricsRegistry registry(false, mockApp_, j_);
+
+    // The documented order: provider/sync instruments first, gauges second.
+    registry.start(std::string{kTestEndpoint});
+    registry.startAsyncGauges();
+
+    // State: the enable flag is untouched by either phase. Exact value, not
+    // merely "falsy" -- a phase that flipped it would be a real defect.
+    EXPECT_EQ(registry.isEnabled(), false);
+
+    // Synchronous recording must work off phase 1 alone. This is the whole
+    // point of the split: nothing here needs the gauges to be registered.
+    registry.recordRpcStarted("server_info");
+    registry.recordRpcFinished("server_info", 1000);
+
+    registry.stop();
+    EXPECT_EQ(registry.isEnabled(), false);
+}
+
+TEST_F(MetricsRegistryTest, async_gauges_before_start_does_not_break_start)
+{
+    telemetry::MetricsRegistry registry(false, mockApp_, j_);
+
+    // Negative path: the mis-ordered call, gauges before the provider exists.
+    // In THIS build it reaches the (void)-cast stub, so what is actually
+    // proven is only that the entry point tolerates being called first and
+    // leaves the object usable -- not that the enabled path's `if (!meter_)`
+    // guard works, since that guard is inside #ifdef XRPL_ENABLE_TELEMETRY and
+    // is not compiled here.
+    registry.startAsyncGauges();
+    EXPECT_EQ(registry.isEnabled(), false);
+
+    // Phase 1 still works afterwards, so the bad call left no state behind.
+    registry.start(std::string{kTestEndpoint});
+    registry.recordJobQueued("ledgerData", "ProcessLData");
+    EXPECT_EQ(registry.isEnabled(), false);
+
+    registry.stop();
+}
+
+TEST_F(MetricsRegistryTest, async_gauges_respect_the_compile_time_guard)
+{
+    // Constructed with enabled=true, which on the enabled path would register
+    // instruments for real. In this build XRPL_ENABLE_TELEMETRY is undefined,
+    // so both phases compile to the (void)-cast stub branch and neither
+    // touches the mock -- every MockServiceRegistry accessor throws, so a
+    // callback that actually ran would surface as a thrown exception here.
+    telemetry::MetricsRegistry registry(true, mockApp_, j_);
+
+    // Cause, not just state: the flag really is true, so the no-op below is
+    // attributable to the compile-time guard and not to an early enabled_
+    // return.
+    EXPECT_EQ(registry.isEnabled(), true);
+
+    EXPECT_NO_THROW(registry.start(std::string{kTestEndpoint}));
+    EXPECT_NO_THROW(registry.startAsyncGauges());
+    EXPECT_NO_THROW(registry.stop());
+
+    EXPECT_EQ(registry.isEnabled(), true);
+}
+
 TEST_F(MetricsRegistryTest, disabled_recording_methods)
 {
     telemetry::MetricsRegistry registry(false, mockApp_, j_);
-    registry.start("http://localhost:4318/v1/metrics");
+    registry.start(std::string{kTestEndpoint});
 
     // All recording methods should be no-ops (not crash).
     registry.recordRpcStarted("server_info");
@@ -793,7 +895,7 @@ TEST_F(MetricsRegistryTest, destructor_calls_stop)
     {
         // Let the destructor handle cleanup.
         telemetry::MetricsRegistry registry(false, mockApp_, j_);
-        registry.start("http://localhost:4318/v1/metrics");
+        registry.start(std::string{kTestEndpoint});
     }
     // If we get here without crash, the destructor handled stop.
 }
diff --git a/src/xrpld/app/main/Application.cpp b/src/xrpld/app/main/Application.cpp
index d037e325d7..0d44933339 100644
--- a/src/xrpld/app/main/Application.cpp
+++ b/src/xrpld/app/main/Application.cpp
@@ -1248,28 +1248,56 @@ private:
     startGenesisLedger();
 
     /**
-     * Start the tracing and metrics pipelines.
+     * Start the tracing pipeline and the metrics provider and synchronous
+     * instruments. First of the two telemetry startup phases.
      *
-     * Called once from setup(), just before the [rpc_startup] loop. Starting
-     * here (rather than in start()) guarantees the OTel MeterProvider is live
-     * before any metric-emitting code runs — including startup RPCs, whose
-     * PerfLog instrumentation records a call-site metric. A call-site metric
-     * macro caches its instrument on first use via std::call_once; if that
-     * first use happens while the meter is still empty, the instrument latches
-     * null for the process lifetime and the metric silently never records.
+     * Called once from setup(), immediately after metricsRegistry_ is
+     * constructed. Starting here (rather than in start()) guarantees the OTel
+     * MeterProvider is live before any metric-emitting code runs — including
+     * the first consensus round, which records a mode-transition counter, and
+     * the startup RPCs, whose PerfLog instrumentation records a call-site
+     * metric. A call-site metric macro caches its instrument on first use via
+     * std::call_once; if that first use happens while the meter is still
+     * empty, the instrument latches null for the process lifetime and the
+     * metric silently never records.
      *
-     * The call site sits after overlay_ and the other subsystems are
-     * constructed, because the metrics reader thread starts here and its
-     * observable-gauge callbacks read that state (e.g. getOverlay()); starting
-     * earlier would let the reader observe a half-built application.
+     * Rule for keeping this call site valid: only telemetry work that reads
+     * NO application subsystem may run here. That holds today — this phase
+     * uses the config strings and the node identity, and creates only
+     * push-model counters and histograms, which app code records into once
+     * it is ready. Anything that registers a callback reading a subsystem
+     * must go in startTelemetryGauges() instead, because a callback
+     * registered here can fire on the metrics reader thread while the rest of
+     * the application is still being built.
      *
      * @pre nodeIdentity_ is populated (needed for the service_instance_id
-     * fallback), metricsRegistry_ is constructed, and overlay_ (and the other
-     * subsystems read by observable-gauge callbacks) are constructed.
+     * fallback) and metricsRegistry_ is constructed.
      */
     void
     startTelemetry();
 
+    /**
+     * Register the pull-model observable instruments. Second telemetry phase.
+     *
+     * Called once from setup(), immediately after overlay_ is constructed.
+     * Registering an observable instrument arms the metrics reader thread to
+     * invoke its callback, and those callbacks read application services —
+     * getOverlay() asserts overlay_ is non-null, and an assert is not caught
+     * by the callbacks' own try/catch — so this cannot run as early as
+     * startTelemetry().
+     *
+     * @pre startTelemetry() has run, and every service the callbacks read is
+     * constructed. overlay_ is the binding one: the rest (networkOPs_,
+     * ledgerMaster_, openLedger_, txQ_, nodeStore_, nodeFamily_,
+     * validators_, acceptedLedgerCache_, cachedSLEs_, acquireStats_,
+     * timeKeeper_, relationalDatabase_, inboundLedgers_, feeTrack_) are
+     * already live by the time startTelemetry() is callable, and
+     * overlay_ is the only one built after it. See
+     * MetricsRegistry::startAsyncGauges() for the full list.
+     */
+    void
+    startTelemetryGauges();
+
     std::shared_ptr<Ledger>
     getLastFullLedger();
 
@@ -1356,6 +1384,39 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
         return false;
     }
 
+    nodeIdentity_ = getNodeIdentity(*this, cmdline);
+
+    // Now that the node identity is known, inject it into the telemetry
+    // resource attributes — but only if the user didn't already set a
+    // custom service_instance_id in [telemetry].  The Telemetry object
+    // was constructed with an empty serviceInstanceId because
+    // nodeIdentity_ is not available in the member initializer list.
+    if (!config_->section("telemetry").exists("service_instance_id"))
+        telemetry_->setServiceInstanceId(toBase58(TokenType::NodePublic, nodeIdentity_->first));
+
+    // Create the OTel MetricsRegistry for gap-fill metrics (counters,
+    // histograms, observable gauges). It must exist before startTelemetry(),
+    // which starts the metrics half of the pipeline.
+    metricsRegistry_ = std::make_unique<telemetry::MetricsRegistry>(
+        telemetry_->isEnabled(), *this, logs_->journal("MetricsRegistry"));
+
+    // Start telemetry here, not in start(). Spans and metrics are both emitted
+    // during the rest of setup() — the first consensus round in
+    // beginConsensus() below emits spans and records the process's only
+    // operating-mode transition — and both are dropped unless the pipeline is
+    // already live.
+    //
+    // The position is bounded on both sides:
+    //  - After initRelationalDatabase(): the wallet DB must exist for the node
+    //    identity above, and a DB failure aborts setup(), so starting earlier
+    //    would export a partial stream for a run that never comes up.
+    //  - Before beginConsensus(): that call emits the first consensus spans
+    //    and the only mode-transition counter increment.
+    //
+    // Only the observable instruments have to wait for their subsystems; they
+    // are registered separately by startTelemetryGauges() once overlay_ exists.
+    startTelemetry();
+
     if (validatorKeys_.keys)
         setMaxDisallowedLedger();
 
@@ -1443,22 +1504,6 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
 
     orderBookDB_->setup(getLedgerMaster().getCurrentLedger());
 
-    nodeIdentity_ = getNodeIdentity(*this, cmdline);
-
-    // Now that the node identity is known, inject it into the telemetry
-    // resource attributes — but only if the user didn't already set a
-    // custom service_instance_id in [telemetry].  The Telemetry object
-    // was constructed with an empty serviceInstanceId because
-    // nodeIdentity_ is not available in the member initializer list.
-    if (!config_->section("telemetry").exists("service_instance_id"))
-        telemetry_->setServiceInstanceId(toBase58(TokenType::NodePublic, nodeIdentity_->first));
-
-    // Create the OTel MetricsRegistry for gap-fill metrics (counters,
-    // histograms, observable gauges).  It is started later, just before the
-    // [rpc_startup] loop (see startTelemetry()).
-    metricsRegistry_ = std::make_unique<telemetry::MetricsRegistry>(
-        telemetry_->isEnabled(), *this, logs_->journal("MetricsRegistry"));
-
     if (!cluster_->load(config().section(Sections::kClusterNodes)))
     {
         JLOG(journal_.fatal()) << "Invalid entry in cluster configuration.";
@@ -1534,6 +1579,15 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
         collectorManager_->collector());
     add(*overlay_);  // add to PropertyStream
 
+    // Register the observable instruments now that overlay_ exists. This arms
+    // the metrics reader thread to invoke their callbacks, several of which
+    // read getOverlay() — registering earlier would let the reader observe a
+    // half-built application. The reader thread itself already started in
+    // startTelemetry() above; this is as early as the callbacks can safely be
+    // attached, and it is still before beginConsensus() so the gauges cover
+    // the first round.
+    startTelemetryGauges();
+
     // start first consensus round
     if (!networkOPs_->beginConsensus(ledgerMaster_->getClosedLedger()->header().hash, {}))
     {
@@ -1600,16 +1654,6 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
         JLOG(journal_.warn()) << "*** standalone signing solution as soon as possible.";
     }
 
-    // Start telemetry and metrics now — before the [rpc_startup] loop below —
-    // so the OTel meter is live before any metric-emitting code runs. Startup
-    // RPCs invoke PerfLog instrumentation that records a call-site metric; a
-    // metric macro caches its instrument on first use, so a first use before
-    // the meter exists would latch null for the process lifetime. Placed here,
-    // after overlay_ and the other subsystems the observable-gauge callbacks
-    // read are constructed, so the metrics reader thread never observes a
-    // half-built application.
-    startTelemetry();
-
     //
     // Execute start up rpc commands.
     //
@@ -1708,6 +1752,13 @@ ApplicationImp::startTelemetry()
     }
 }
 
+void
+ApplicationImp::startTelemetryGauges()
+{
+    if (metricsRegistry_)
+        metricsRegistry_->startAsyncGauges();
+}
+
 void
 ApplicationImp::run()
 {
diff --git a/src/xrpld/rpc/detail/PathFindSpanNames.h b/src/xrpld/rpc/detail/PathFindSpanNames.h
index 65ce81bb96..6d8fedc7ab 100644
--- a/src/xrpld/rpc/detail/PathFindSpanNames.h
+++ b/src/xrpld/rpc/detail/PathFindSpanNames.h
@@ -65,10 +65,13 @@ inline constexpr auto discover = makeStr("discover");
 }  // namespace op
 
 // ===== Attribute keys ======================================================
-//
-// All pathfind attributes are namespaced under `pathfind_*` (underscore form,
-// per Phase 1c naming spec rule 5). Avoids collisions with bare keys like
-// `fast` or `num_paths` that other subsystems may introduce.
+
+/**
+ * All pathfind attributes are namespaced under `pathfind_*`, in underscore
+ * form, per the span attribute naming convention in CONTRIBUTING.md. Avoids
+ * collisions with bare keys like `fast` or `num_paths` that other subsystems
+ * may introduce.
+ */
 
 namespace attr {
 /**
diff --git a/src/xrpld/rpc/detail/PathRequest.cpp b/src/xrpld/rpc/detail/PathRequest.cpp
index 28a6ad3c5c..155f9e28d0 100644
--- a/src/xrpld/rpc/detail/PathRequest.cpp
+++ b/src/xrpld/rpc/detail/PathRequest.cpp
@@ -35,6 +35,7 @@
 #include <xrpl/resource/Consumer.h>
 #include <xrpl/server/InfoSub.h>
 #include <xrpl/server/LoadFeeTrack.h>
+#include <xrpl/telemetry/Redaction.h>
 #include <xrpl/telemetry/SpanGuard.h>
 #include <xrpl/tx/paths/RippleCalc.h>
 
@@ -587,9 +588,13 @@ PathRequest::findPaths(
     // that a single RPC call produces one discover span instead of N (one per
     // candidate source asset). Trade-off: per-asset discovery/ranking timing
     // is no longer split into individual spans — span count and Tempo storage
-    // are bounded per RPC at the cost of per-asset visibility. If per-asset
-    // breakdown is needed in the future, add child spans inside the loop body
-    // (`Pathfinder::findPaths`/`computePathRanks`) parented off this span.
+    // are bounded per RPC at the cost of per-asset visibility.
+    //
+    // This is an unscoped guard: it takes the ambient span as its own parent,
+    // but does not itself become the ambient parent. Adding per-asset child
+    // spans inside the loop body therefore requires either making this a
+    // ScopedSpanGuard or passing its context explicitly via childSpan(); a
+    // child created here today would parent to this span's parent, not to it.
     using namespace telemetry;
     auto span = SpanGuard::span(
         TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::discover);
@@ -744,7 +749,20 @@ PathRequest::doUpdate(
     auto span = ScopedSpanGuard(
         TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::compute);
     span.setAttribute(pathfind_span::attr::fast, fast);
-    span.setAttribute(pathfind_span::attr::destCurrency, to_string(saDstAmount_.asset()).c_str());
+    // to_string(Issue) renders a non-XRP asset as "<issuer>/<currency>" with the
+    // issuer as a plaintext Base58 address, so it cannot be emitted as-is: every
+    // account reaching a span is hashed first. Redact just the issuer and keep
+    // the currency, which is what this attribute is for. An MPT asset renders as
+    // its issuance ID and carries no address, so it needs no redaction.
+    span.setAttribute(
+        pathfind_span::attr::destCurrency,
+        saDstAmount_.asset().visit(
+            [](Issue const& issue) {
+                return isXRP(issue.account)
+                    ? to_string(issue.currency)
+                    : redactAccount(toBase58(issue.account)) + "/" + to_string(issue.currency);
+            },
+            [](MPTIssue const& mpt) { return to_string(mpt.getMptID()); }));
 
     JLOG(journal_.debug()) << iIdentifier_ << " update " << (fast ? "fast" : "normal");
 
diff --git a/src/xrpld/rpc/detail/PathRequestManager.cpp b/src/xrpld/rpc/detail/PathRequestManager.cpp
index 9141aaded4..c8c6c12fc2 100644
--- a/src/xrpld/rpc/detail/PathRequestManager.cpp
+++ b/src/xrpld/rpc/detail/PathRequestManager.cpp
@@ -23,6 +23,7 @@
 #include <functional>
 #include <memory>
 #include <mutex>
+#include <optional>
 #include <utility>
 #include <vector>
 
@@ -77,15 +78,21 @@ PathRequestManager::updateAll(std::shared_ptr<ReadView const> const& inLedger)
     using namespace telemetry;
     // updateAll runs on every ledger close. Skip span emission when there are
     // no active path subscriptions, to avoid a steady stream of empty spans at
-    // mainnet close cadence. A null guard is used in that case; all other work
-    // still runs unchanged (notably the isNewPathRequest() flag reset below),
-    // so behaviour matches the pre-span code path.
-    auto span = requests.empty()
-        ? SpanGuard{}
-        : SpanGuard::span(
-              TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::updateAll);
-    span.setAttribute(pathfind_span::attr::ledgerIndex, static_cast<int64_t>(inLedger->seq()));
-    span.setAttribute(pathfind_span::attr::numRequests, static_cast<int64_t>(requests.size()));
+    // mainnet close cadence. All other work still runs unchanged (notably the
+    // isNewPathRequest() flag reset below), so behaviour matches the pre-span
+    // code path.
+    //
+    // Scoped, so the pathfind.compute spans that doUpdate() creates below on
+    // this thread nest under it. std::optional because ScopedSpanGuard is
+    // deliberately non-movable, so it cannot be produced by a ternary.
+    std::optional<ScopedSpanGuard> span;
+    if (!requests.empty())
+    {
+        span.emplace(
+            TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::updateAll);
+        span->setAttribute(pathfind_span::attr::ledgerIndex, static_cast<int64_t>(inLedger->seq()));
+        span->setAttribute(pathfind_span::attr::numRequests, static_cast<int64_t>(requests.size()));
+    }
 
     bool newRequests = app_.getLedgerMaster().isNewPathRequest();
     bool mustBreak = false;
diff --git a/src/xrpld/rpc/detail/ServerHandler.cpp b/src/xrpld/rpc/detail/ServerHandler.cpp
index 25bacc6d73..c12e50fd95 100644
--- a/src/xrpld/rpc/detail/ServerHandler.cpp
+++ b/src/xrpld/rpc/detail/ServerHandler.cpp
@@ -4,6 +4,7 @@
 #include <xrpld/overlay/Overlay.h>
 #include <xrpld/rpc/RPCHandler.h>
 #include <xrpld/rpc/Role.h>
+#include <xrpld/rpc/detail/Handler.h>
 #include <xrpld/rpc/detail/RpcSpanNames.h>
 #include <xrpld/rpc/detail/Tuning.h>
 #include <xrpld/rpc/detail/WSInfoSub.h>
@@ -107,6 +108,42 @@ statusRequestResponse(http_request_type const& request, boost::beast::http::stat
     return handoff;
 }
 
+/**
+ * Resolve the command attribute for a WebSocket message to a bounded value.
+ *
+ * The command/method field is client-supplied and is promoted to a Prometheus
+ * label by the spanmetrics connector, so the raw string must never be emitted:
+ * arbitrary request input would drive unbounded label cardinality. Resolving
+ * against the handler registry keeps per-command attribution for real commands
+ * and collapses everything else to a single "unknown" series.
+ *
+ * A request naming both fields with different values is not a real command
+ * (processSession rejects it below), so it also resolves to "unknown".
+ *
+ * @param jv      The parsed WebSocket request object.
+ * @param config  Node config, for the beta-RPC-API flag used to look up the
+ *                handler for the request's API version.
+ * @return The canonical handler name, or "unknown" for an unrecognized,
+ *         missing, non-string, or self-contradictory command.
+ */
+static std::string_view
+resolveWsCommandSpanName(json::Value const& jv, Config const& config)
+{
+    bool const hasCommand = jv.isMember(jss::command) && jv[jss::command].isString();
+    bool const hasMethod = jv.isMember(jss::method) && jv[jss::method].isString();
+    if (!hasCommand && !hasMethod)
+        return rpc_span::val::unknownCommand;
+
+    std::string const cmd = hasCommand ? jv[jss::command].asString() : jv[jss::method].asString();
+    if (hasCommand && hasMethod && cmd != jv[jss::method].asString())
+        return rpc_span::val::unknownCommand;
+
+    auto const* handler =
+        RPC::getHandler(RPC::getAPIVersionNumber(jv, config.betaRpcApi), config.betaRpcApi, cmd);
+    return (handler != nullptr) ? std::string_view{handler->name}
+                                : std::string_view{rpc_span::val::unknownCommand};
+}
+
 // VFALCO TODO Rewrite to use boost::beast::http::fields
 static bool
 authorized(Port const& port, std::map<std::string, std::string> const& h)
@@ -434,14 +471,13 @@ ServerHandler::processSession(
     // Fresh root so each WS message is its own trace.
     auto span = ScopedSpanGuard::freshRoot(
         TraceCategory::Rpc, rpc_span::prefix::rpc, rpc_span::op::wsMessage);
-    if (jv.isMember(jss::command) && jv[jss::command].isString())
-    {
-        span.setAttribute(rpc_span::attr::command, jv[jss::command].asString().c_str());
-    }
-    else if (jv.isMember(jss::method) && jv[jss::method].isString())
-    {
-        span.setAttribute(rpc_span::attr::command, jv[jss::method].asString().c_str());
-    }
+    // The command is client-supplied and becomes a Prometheus label via the
+    // spanmetrics connector, so it is resolved against the handler registry
+    // before emission: a recognized command keeps its canonical name, anything
+    // else collapses to "unknown". Emitting the raw string would let request
+    // input drive unbounded label cardinality. Mirrors the HTTP path's
+    // resolveCommandSpanName().
+    span.setAttribute(rpc_span::attr::command, resolveWsCommandSpanName(jv, app_.config()));
 
     auto is = std::static_pointer_cast<WSInfoSub>(session->appDefined);
     if (is->getConsumer().disconnect(journal_))
diff --git a/src/xrpld/rpc/handlers/orderbook/PathFind.cpp b/src/xrpld/rpc/handlers/orderbook/PathFind.cpp
index bf7fdfe264..9053fdda90 100644
--- a/src/xrpld/rpc/handlers/orderbook/PathFind.cpp
+++ b/src/xrpld/rpc/handlers/orderbook/PathFind.cpp
@@ -13,6 +13,8 @@
 #include <xrpl/telemetry/Redaction.h>
 #include <xrpl/telemetry/SpanGuard.h>
 
+#include <utility>
+
 namespace xrpl {
 
 json::Value
@@ -23,10 +25,15 @@ doPathFind(RPC::JsonContext& context)
     // thread) nest under it. doPathFind does not yield, so scoping is safe.
     auto span = ScopedSpanGuard(
         TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::request);
-    // Addresses are hashed before emission for privacy.
-    if (auto const& src = context.params[jss::source_account]; src.isString())
+    // Addresses are hashed before emission for privacy. Read through a const
+    // reference: the non-const json::Value::operator[] inserts a null for a
+    // missing key, which would make PathRequest::parseJson's isMember() checks
+    // see an absent field as present and return Malformed instead of Missing.
+    // Reading for telemetry must not alter what the request looks like.
+    auto const& params = std::as_const(context.params);
+    if (auto const& src = params[jss::source_account]; src.isString())
         span.setAttribute(pathfind_span::attr::sourceAccount, redactAccount(src.asString()));
-    if (auto const& dst = context.params[jss::destination_account]; dst.isString())
+    if (auto const& dst = params[jss::destination_account]; dst.isString())
         span.setAttribute(pathfind_span::attr::destAccount, redactAccount(dst.asString()));
 
     if (context.app.config().pathSearchMax == 0)
diff --git a/src/xrpld/rpc/handlers/orderbook/RipplePathFind.cpp b/src/xrpld/rpc/handlers/orderbook/RipplePathFind.cpp
index f65a41a911..b264fde9ef 100644
--- a/src/xrpld/rpc/handlers/orderbook/RipplePathFind.cpp
+++ b/src/xrpld/rpc/handlers/orderbook/RipplePathFind.cpp
@@ -34,10 +34,15 @@ doRipplePathFind(RPC::JsonContext& context)
     // span's log lines stay trace-correlated.
     auto span = ScopedSpanGuard(
         TraceCategory::Rpc, pathfind_span::prefix::pathfind, pathfind_span::op::request);
-    // Addresses are hashed before emission for privacy.
-    if (auto const& src = context.params[jss::source_account]; src.isString())
+    // Addresses are hashed before emission for privacy. Read through a const
+    // reference: the non-const json::Value::operator[] inserts a null for a
+    // missing key, which would make PathRequest::parseJson's isMember() checks
+    // see an absent field as present and return Malformed instead of Missing.
+    // Reading for telemetry must not alter what the request looks like.
+    auto const& params = std::as_const(context.params);
+    if (auto const& src = params[jss::source_account]; src.isString())
         span.setAttribute(pathfind_span::attr::sourceAccount, redactAccount(src.asString()));
-    if (auto const& dst = context.params[jss::destination_account]; dst.isString())
+    if (auto const& dst = params[jss::destination_account]; dst.isString())
         span.setAttribute(pathfind_span::attr::destAccount, redactAccount(dst.asString()));
 
     if (context.app.config().pathSearchMax == 0)
diff --git a/src/xrpld/telemetry/MetricsRegistry.cpp b/src/xrpld/telemetry/MetricsRegistry.cpp
index af0e3291ab..412dbe240e 100644
--- a/src/xrpld/telemetry/MetricsRegistry.cpp
+++ b/src/xrpld/telemetry/MetricsRegistry.cpp
@@ -255,14 +255,45 @@ MetricsRegistry::start(std::string const& endpoint, std::string const& instanceI
     JLOG(journal_.info()) << "MetricsRegistry: starting, endpoint=" << endpoint
                           << ", instanceId=" << instanceId;
 
+    // Rule for anything added below: this phase may create only instruments
+    // whose recording is PUSHED from app code -- counters and histograms. An
+    // instrument registered here is live immediately, and the reader thread
+    // may invoke a registered callback before the rest of the Application is
+    // built, so any observable whose callback reads an Application service
+    // belongs in startAsyncGauges(), not here. That includes observable
+    // COUNTERS, not just gauges: jq_trans_overflow_total was created here and
+    // its callback read getOverlay(), which asserts overlay_ is non-null.
     initExporterAndProvider(endpoint, instanceId);
     initSyncInstruments();
+
+    JLOG(journal_.info()) << "MetricsRegistry: provider and instruments ready";
+#else
+    (void)endpoint;
+    (void)instanceId;
+    (void)enabled_;
+#endif  // XRPL_ENABLE_TELEMETRY
+}
+
+void
+MetricsRegistry::startAsyncGauges()
+{
+#ifdef XRPL_ENABLE_TELEMETRY
+    if (!enabled_)
+        return;
+
+    // A mis-ordered call must not crash: without a meter there is nothing to
+    // create instruments on, so registration is skipped entirely.
+    if (!meter_)
+    {
+        JLOG(journal_.warn()) << "MetricsRegistry: startAsyncGauges() called "
+                                 "before start(); no gauges registered";
+        return;
+    }
+
     registerAsyncGauges();
 
     JLOG(journal_.info()) << "MetricsRegistry: started successfully";
 #else
-    (void)endpoint;
-    (void)instanceId;
     (void)enabled_;
 #endif  // XRPL_ENABLE_TELEMETRY
 }
@@ -428,30 +459,6 @@ MetricsRegistry::initSyncInstruments()
     // (NetworkOPsImp::setMode) through XRPL_METRIC_COUNTER_INC_LABELED so it
     // can carry the {from,to} transition labels; a registry-owned instrument
     // would only give an unlabelled total.
-    // jq_trans_overflow_total is observed from Overlay's existing cumulative
-    // atomic (Overlay::getJqTransOverflow()) rather than pushed. The overlay
-    // owns the only increment site (PeerImp), so an ObservableCounter reads the
-    // live total each collection cycle without threading a push path through
-    // develop-owned overlay code.
-    jqTransOverflowObservable_ = meter_->CreateInt64ObservableCounter(
-        "jq_trans_overflow_total", "Total job queue transaction overflows");
-    jqTransOverflowObservable_->AddCallback(
-        [](opentelemetry::metrics::ObserverResult result, void* state) {
-            auto* self = static_cast<MetricsRegistry*>(state);
-            if (self->callbacksDetached_.load(std::memory_order_acquire))
-                return;
-            try
-            {
-                opentelemetry::nostd::get<opentelemetry::nostd::shared_ptr<
-                    opentelemetry::metrics::ObserverResultT<int64_t>>>(result)
-                    ->Observe(static_cast<int64_t>(self->app_.getOverlay().getJqTransOverflow()));
-            }
-            catch (...)  // NOLINT(bugprone-empty-catch)
-            {
-                // Silently skip on error.
-            }
-        },
-        this);
     ledgerHistoryMismatchCounter_ = meter_->CreateUInt64Counter(
         metric::ledgerHistoryMismatchTotal, "Total built-vs-validated ledger mismatches by reason");
     txqExpiredCounter_ = meter_->CreateUInt64Counter(
@@ -652,6 +659,7 @@ MetricsRegistry::registerAsyncGauges()
     // Each helper creates one observable instrument and attaches one
     // callback. Keeping the registration bodies in separate methods
     // preserves the 80-line-per-function limit enforced by CLAUDE.md.
+    registerJqTransOverflowCounter();
     registerCacheHitRateGauge();
     registerTxqGauge();
     registerObjectCountGauge();
@@ -683,6 +691,40 @@ MetricsRegistry::registerAsyncGauges()
     registerLedgerQuorumPublishGauge();
 }
 
+void
+MetricsRegistry::registerJqTransOverflowCounter()
+{
+    // jq_trans_overflow_total is observed from Overlay's existing cumulative
+    // atomic (Overlay::getJqTransOverflow()) rather than pushed. The overlay
+    // owns the only increment site (PeerImp), so an ObservableCounter reads the
+    // live total each collection cycle without threading a push path through
+    // develop-owned overlay code.
+    //
+    // Registered with the gauges, not with the synchronous instruments: the
+    // callback reads getOverlay(), which asserts overlay_ is non-null. Arming
+    // it any earlier would let a reader tick fire before the overlay exists,
+    // and an assert is not caught by the try block below.
+    jqTransOverflowObservable_ = meter_->CreateInt64ObservableCounter(
+        "jq_trans_overflow_total", "Total job queue transaction overflows");
+    jqTransOverflowObservable_->AddCallback(
+        [](opentelemetry::metrics::ObserverResult result, void* state) {
+            auto* self = static_cast<MetricsRegistry*>(state);
+            if (self->callbacksDetached_.load(std::memory_order_acquire))
+                return;
+            try
+            {
+                opentelemetry::nostd::get<opentelemetry::nostd::shared_ptr<
+                    opentelemetry::metrics::ObserverResultT<int64_t>>>(result)
+                    ->Observe(static_cast<int64_t>(self->app_.getOverlay().getJqTransOverflow()));
+            }
+            catch (...)  // NOLINT(bugprone-empty-catch)
+            {
+                // Silently skip on error.
+            }
+        },
+        this);
+}
+
 void
 MetricsRegistry::registerCacheHitRateGauge()
 {
@@ -1534,14 +1576,13 @@ MetricsRegistry::registerLedgerEconomyGauge()
                         ->Observe(value, {{label::metric, name}});
                 };
 
-                // Local fee (drops).
-                observe("base_fee_xrp", static_cast<double>(app.getFeeTrack().getLocalFee()));
-
-                // Reserve values from the validated ledger.
+                // Fee and reserve values from the validated ledger.
                 auto const ledger = app.getLedgerMaster().getValidatedLedger();
                 if (ledger)
                 {
                     auto const& fees = ledger->fees();
+                    // Cost of a reference transaction (drops).
+                    observe("base_fee_xrp", static_cast<double>(fees.base.drops()));
                     // Base reserve = one account, zero owned objects:
                     // accountReserve(ownerCount=0, accountCount=1) == reserve.
                     observe(
diff --git a/src/xrpld/telemetry/MetricsRegistry.h b/src/xrpld/telemetry/MetricsRegistry.h
index ee77c9c9ee..bd44796ff5 100644
--- a/src/xrpld/telemetry/MetricsRegistry.h
+++ b/src/xrpld/telemetry/MetricsRegistry.h
@@ -104,11 +104,17 @@
  * Example usage:
  *
  * @code
- * // In Application::setup(), after telemetry_ is created:
+ * // In Application::setup(), after telemetry_ is created. Phase 1 needs
+ * // only the config strings, so it runs immediately and the meter is live
+ * // before any metric-emitting code:
  * metricsRegistry_ = std::make_unique<telemetry::MetricsRegistry>(
  * telemetry_->isEnabled(), app, journal);
  * metricsRegistry_->start(setup.exporterEndpoint);
  *
+ * // Later in setup(), once overlay_ exists (the last of the services the
+ * // callbacks read). Phase 2 registers the observable instruments:
+ * metricsRegistry_->startAsyncGauges();
+ *
  * // In PerfLogImp::rpcStart():
  * if (auto* mr = app_.getMetricsRegistry())
  * mr->recordRpcStarted("server_info");
@@ -217,9 +223,9 @@ namespace telemetry {
  * catch-all try block so a transient failure never crashes
  * the reader thread.
  * - ValidationTracker protects its rolling windows internally.
- * - start() and stop() are NOT thread-safe with each other and
- * must be called from the single Application lifecycle
- * thread.
+ * - start(), startAsyncGauges() and stop() are NOT thread-safe
+ * with each other and must all be called, in that order, from
+ * the single Application lifecycle thread.
  *
  * @note Lifetime:
  * - Must be constructed AFTER telemetry_ (reads isEnabled()).
@@ -264,7 +270,24 @@ public:
     operator=(MetricsRegistry const&) = delete;
 
     /**
-     * Initialize the OTel metrics pipeline and register all instruments.
+     * Initialize the OTel metrics pipeline and create the SYNCHRONOUS
+     * instruments (counters and histograms).
+     *
+     * This is the first of two startup phases, and it can be called as soon
+     * as the registry is constructed — which is what makes the meter live
+     * before the first metric-emitting code runs. Startup RPCs and the first
+     * consensus round both record metrics; a call-site metric macro caches
+     * its instrument on first use, so a first use before the meter exists
+     * latches null for the process lifetime.
+     *
+     * @note Invariant for future changes: this phase may create only
+     * instruments with NO Application-reading callback. Push-model
+     * counters and histograms qualify; app code records into them
+     * when it is ready. Any observable instrument whose callback
+     * reads an Application service belongs in `startAsyncGauges()`,
+     * because registering it here arms the reader thread to invoke
+     * that callback against a half-built Application. This applies
+     * to observable COUNTERS as well as gauges.
      *
      * @param endpoint    OTLP/HTTP endpoint URL for metric export
      * (e.g. "http://localhost:4318/v1/metrics").
@@ -276,6 +299,37 @@ public:
     void
     start(std::string const& endpoint, std::string const& instanceId = {});
 
+    /**
+     * Register the pull-model observable instruments — the second startup
+     * phase. Mostly ObservableGauges, plus the ObservableCounters whose
+     * source value is already cumulative.
+     *
+     * Split from `start()` because the two halves have different
+     * prerequisites. `start()` needs only config strings; these callbacks
+     * read live Application services, so this half must run later.
+     * Registering an observable also arms the reader thread to invoke its
+     * callback on the next tick, which is why the split is about ordering
+     * and not just tidiness.
+     *
+     * @pre `start()` has already run (the meter exists). If it has not,
+     * this is a logged no-op rather than a crash.
+     * @pre Every service the callbacks read is constructed. The full set,
+     * from the `app.get*()` calls in the registration helpers, is:
+     * Overlay, OPs (NetworkOPs), LedgerMaster, OpenLedger, TxQ,
+     * NodeStore, NodeFamily, Validators, AcceptedLedgerCache,
+     * CachedSLEs, AcquireStats, TimeKeeper, RelationalDatabase,
+     * InboundLedgers and FeeTrack.
+     * All but Overlay already exist by the time `start()` is
+     * callable, so Overlay is what fixes this call's position:
+     * `ServiceRegistry::getOverlay()` `XRPL_ASSERT`s that
+     * `overlay_` is non-null, and a reader-thread tick before the
+     * overlay exists aborts a Debug build. The callbacks' catch-all
+     * try block does not catch an assert. `getTxQ()` and
+     * `getRelationalDatabase()` assert likewise.
+     */
+    void
+    startAsyncGauges();
+
     /**
      * Detach all ObservableGauge callbacks so they no-op on the next
      * reader-thread tick.
@@ -287,9 +341,15 @@ public:
      * guarantees that once `detachCallbacks()` returns, no subsequent
      * callback invocation will dereference an already-stopped service.
      *
-     * Idempotent. Safe to call multiple times. Safe to call before
-     * `start()` (has no effect). The actual SDK-level provider
-     * shutdown still happens in `stop()`.
+     * Idempotent, and safe to call multiple times: the flag is one-way,
+     * only ever set to true, and nothing clears it. The actual
+     * SDK-level provider shutdown still happens in `stop()`.
+     *
+     * @note One-way means this is a shutdown-only call. Calling it before
+     * `startAsyncGauges()` does not "have no effect" — it
+     * permanently disarms every gauge the later call registers, so
+     * the instruments exist but never observe a value. Only call it
+     * once the process is shutting down.
      */
     void
     detachCallbacks() noexcept;
@@ -1019,15 +1079,22 @@ private:
      * Register all observable gauge callbacks with the OTel SDK.
      * Dispatches to one helper per metric domain so that each helper
      * stays well under the 80-line-per-function limit.
+     *
+     * Called only from `startAsyncGauges()`, which owns the enabled_ and
+     * meter_ guards and the Application-state precondition.
      */
     void
     registerAsyncGauges();
 
-    // Per-domain gauge registration helpers. Each creates its instrument
-    // and attaches a single ObservableGauge callback that reads current
-    // values from Application services. The callbacks run on the OTel
+    // Per-domain registration helpers for the async (pull-model) phase.
+    // Each creates its instrument -- an ObservableGauge, or an
+    // ObservableCounter where the underlying value is cumulative -- and
+    // attaches a single callback that reads current values from Application
+    // services. The callbacks run on the OTel
     // PeriodicExportingMetricReader background thread (~10 s tick).
     void
+    registerJqTransOverflowCounter();  // gap-fill: overlay overflow total
+    void
     registerCacheHitRateGauge();  // Task 9.2
     void
     registerTxqGauge();  // Task 9.3