diff --git a/docker/telemetry/xrpld-telemetry.cfg b/docker/telemetry/xrpld-telemetry.cfg
index f03af1cbde..12de7576c3 100644
--- a/docker/telemetry/xrpld-telemetry.cfg
+++ b/docker/telemetry/xrpld-telemetry.cfg
@@ -65,9 +65,8 @@ trace_ledger=1
 # endpoint and prefix are informational only. OTelCollector records on the
 # global MeterProvider that [telemetry] configures, and formatName() does not
 # apply the prefix, so metric names are bare and lowercase.
-# Known limitation: the collector is built before the MeterProvider is
-# registered, so beast::insight instruments bind to a no-op meter and are not
-# exported yet. Tracing and the [telemetry] metrics pipeline are unaffected.
+# Requires [telemetry] enabled=1: the MeterProvider these instruments record on
+# is owned by the telemetry module, and without it they are discarded.
 [insight]
 server=otel
 endpoint=http://localhost:4318/v1/metrics
diff --git a/include/xrpl/beast/insight/Collector.h b/include/xrpl/beast/insight/Collector.h
index 9da2a8bb74..d3e7f4d5e5 100644
--- a/include/xrpl/beast/insight/Collector.h
+++ b/include/xrpl/beast/insight/Collector.h
@@ -30,6 +30,29 @@ public:
 
     virtual ~Collector() = 0;
 
+    /**
+     * Called once the services that hook handlers read are constructed.
+     *
+     * Implementations that poll their producers must not do so before this:
+     * hook handlers read live application state. Default is a no-op, for
+     * collectors that only push.
+     */
+    virtual void
+    onCollectionReady()
+    {
+    }
+
+    /**
+     * Called before those services are shut down.
+     *
+     * Polling must have stopped by the time this returns. Paired with
+     * onCollectionReady().
+     */
+    virtual void
+    onCollectionStopping()
+    {
+    }
+
     /**
      * Create a hook.
      *
diff --git a/include/xrpl/server/Wallet.h b/include/xrpl/server/Wallet.h
index 95486cc468..af6c92b83d 100644
--- a/include/xrpl/server/Wallet.h
+++ b/include/xrpl/server/Wallet.h
@@ -16,6 +16,7 @@
 
 #include <functional>
 #include <memory>
+#include <optional>
 #include <string>
 #include <unordered_set>
 #include <utility>
@@ -88,6 +89,19 @@ addValidatorManifest(soci::session& session, std::string const& serialized);
 void
 clearNodeIdentity(soci::session& session);
 
+/**
+ * Returns this node's stored keypair, if the database holds a valid one.
+ *
+ * Read-only: unlike getNodeIdentity(), never generates or persists a key. A row
+ * counts only when its public and secret keys are a pair.
+ *
+ * @param session Session with the database.
+ *
+ * @return The stored keypair, or std::nullopt.
+ */
+std::optional<std::pair<PublicKey, SecretKey>>
+readNodeIdentity(soci::session& session);
+
 /**
  * Returns a stable public and private key for this node.
  *
diff --git a/src/libxrpl/beast/insight/OTelCollector.cpp b/src/libxrpl/beast/insight/OTelCollector.cpp
index 2251c64504..c74b1738a3 100644
--- a/src/libxrpl/beast/insight/OTelCollector.cpp
+++ b/src/libxrpl/beast/insight/OTelCollector.cpp
@@ -230,13 +230,9 @@ public:
      * @param name       Export-ready metric name, already run through
      *                   formatName() by the collector: prefix prepended
      *                   and dots replaced with underscores.
-     * @param meter      OTel Meter used to create the observable gauge.
      * @param collector  Owning collector, used to invoke hooks before reads.
      */
-    OTelGaugeImpl(
-        std::string const& name,
-        opentelemetry::nostd::shared_ptr<metrics_api::Meter> const& meter,
-        std::shared_ptr<OTelCollectorImp> const& collector);
+    OTelGaugeImpl(std::string name, std::shared_ptr<OTelCollectorImp> const& collector);
 
     ~OTelGaugeImpl() override;
 
@@ -274,6 +270,25 @@ public:
     static void
     gaugeCallback(opentelemetry::metrics::ObserverResult result, void* state);
 
+    /**
+     * Create the observable instrument and register the callback, once.
+     *
+     * Called when the collector is told collection is ready, because the
+     * callback reads live application state.
+     */
+    void
+    arm();
+
+    /**
+     * Remove the callback, so the reader thread stops observing this gauge.
+     *
+     * RemoveCallback is synchronous: the SDK guards its callback list and the
+     * observe pass with the same mutex, so no callback is running once this
+     * returns. Idempotent.
+     */
+    void
+    disarm();
+
 private:
     /**
      * Current gauge value, updated atomically by set()/increment().
@@ -281,10 +296,20 @@ private:
     std::atomic<int64_t> value_{0};
 
     /**
-     * OTel observable gauge handle (prevents deregistration).
+     * Export-ready metric name, held until arm() creates the instrument.
+     */
+    std::string const name_;
+
+    /**
+     * OTel observable gauge handle, null until arm() runs.
      */
     opentelemetry::nostd::shared_ptr<metrics_api::ObservableInstrument> gauge_;
 
+    /**
+     * Guards gauge_ against concurrent arm()/disarm().
+     */
+    std::mutex armMutex_;
+
     /**
      * Owning collector, used to invoke hooks before reading gauge values.
      */
@@ -445,6 +470,12 @@ public:
     Gauge
     makeGauge(std::string const& name) override;
 
+    void
+    onCollectionReady() override;
+
+    void
+    onCollectionStopping() override;
+
     Meter
     makeMeter(std::string const& name) override;
     /** @} */
@@ -626,16 +657,37 @@ OTelEventImpl::notify(value_type const& value)
 // OTelGaugeImpl
 //------------------------------------------------------------------------------
 
-OTelGaugeImpl::OTelGaugeImpl(
-    std::string const& name,
-    opentelemetry::nostd::shared_ptr<metrics_api::Meter> const& meter,
-    std::shared_ptr<OTelCollectorImp> const& collector)
-    : gauge_(meter->CreateInt64ObservableGauge(name)), collector_(collector)
+OTelGaugeImpl::OTelGaugeImpl(std::string name, std::shared_ptr<OTelCollectorImp> const& collector)
+    : name_(std::move(name)), collector_(collector)
 {
     collector_->addGauge(this);
+}
+
+void
+OTelGaugeImpl::arm()
+{
+    // AddCallback arms the SDK reader thread against this gauge, and the
+    // callback runs hook handlers that read application services. The registry
+    // does not de-duplicate callbacks, so arm at most once.
+    std::scoped_lock const lock(armMutex_);
+    if (gauge_)
+        return;
+
+    gauge_ = collector_->otelMeter()->CreateInt64ObservableGauge(name_);
     gauge_->AddCallback(gaugeCallback, this);
 }
 
+void
+OTelGaugeImpl::disarm()
+{
+    std::scoped_lock const lock(armMutex_);
+    if (!gauge_)
+        return;
+
+    gauge_->RemoveCallback(gaugeCallback, this);
+    gauge_ = nullptr;
+}
+
 void
 OTelGaugeImpl::gaugeCallback(opentelemetry::metrics::ObserverResult result, void* state)
 {
@@ -656,7 +708,8 @@ OTelGaugeImpl::~OTelGaugeImpl()
     // The SDK's ObservableRegistry guards its callback list and the Observe()
     // pass with the same mutex, so RemoveCallback cannot return while a
     // callback for this instrument is in flight — removal is synchronous.
-    gauge_->RemoveCallback(gaugeCallback, this);
+    // A no-op when never armed, or already disarmed at shutdown.
+    disarm();
     collector_->removeGauge(this);
 }
 
@@ -785,7 +838,7 @@ OTelCollectorImp::makeEvent(std::string const& name)
 Gauge
 OTelCollectorImp::makeGauge(std::string const& name)
 {
-    return Gauge(std::make_shared<OTelGaugeImpl>(formatName(name), otelMeter_, shared_from_this()));
+    return Gauge(std::make_shared<OTelGaugeImpl>(formatName(name), shared_from_this()));
 }
 
 Meter
@@ -851,6 +904,58 @@ OTelCollectorImp::removeGauge(OTelGaugeImpl* gauge)
     std::erase(gauges_, gauge);
 }
 
+void
+OTelCollectorImp::onCollectionReady()
+{
+    // Snapshot under the lock, arm outside it. arm() enters the SDK's
+    // observable registry lock, and the reader thread takes that lock before
+    // calling callHooks(), which wants mutex_. callHooks() copies its hook list
+    // for the same reason.
+    std::vector<OTelGaugeImpl*> gauges;
+    {
+        std::scoped_lock const lock(mutex_);
+        gauges = gauges_;
+    }
+
+    std::size_t armed = 0;
+    for (auto* gauge : gauges)
+    {
+        // Telemetry must never stop the node, so one bad instrument costs only
+        // its own metric.
+        try
+        {
+            gauge->arm();
+            ++armed;
+        }
+        catch (std::exception const& e)
+        {
+            JLOG(journal_.error()) << "OTelCollector: could not register an observable gauge, "
+                                      "so that metric will not be exported: "
+                                   << e.what();
+        }
+    }
+
+    JLOG(journal_.info()) << "OTelCollector: registered " << armed << " of " << gauges.size()
+                          << " observable gauges";
+}
+
+void
+OTelCollectorImp::onCollectionStopping()
+{
+    // Same lock discipline as onCollectionReady(): snapshot, then act outside
+    // the lock, because disarm() enters the SDK's observable registry lock.
+    std::vector<OTelGaugeImpl*> gauges;
+    {
+        std::scoped_lock const lock(mutex_);
+        gauges = gauges_;
+    }
+
+    for (auto* gauge : gauges)
+        gauge->disarm();
+
+    JLOG(journal_.info()) << "OTelCollector: stopped observing " << gauges.size() << " gauges";
+}
+
 opentelemetry::nostd::shared_ptr<metrics_api::Meter> const&
 OTelCollectorImp::otelMeter() const
 {
diff --git a/src/libxrpl/beast/insight/StatsDCollector.cpp b/src/libxrpl/beast/insight/StatsDCollector.cpp
index dc19aa8953..bc2640ca77 100644
--- a/src/libxrpl/beast/insight/StatsDCollector.cpp
+++ b/src/libxrpl/beast/insight/StatsDCollector.cpp
@@ -23,6 +23,7 @@
 #include <boost/system/detail/error_code.hpp>
 #include <boost/system/system_error.hpp>
 
+#include <atomic>
 #include <chrono>
 #include <cstddef>
 #include <deque>
@@ -218,6 +219,13 @@ private:
     std::recursive_mutex metricsLock_;
     List<StatsDMetricBase> metrics_;
 
+    /**
+     * Whether hook handlers may be called. False until onCollectionReady(),
+     * because the handlers read application services that are still being
+     * constructed while this collector exists.
+     */
+    std::atomic<bool> polling_{false};
+
     // Must come last for order of init
     std::thread thread_;
 
@@ -255,6 +263,22 @@ public:
         thread_.join();
     }
 
+    void
+    onCollectionReady() override
+    {
+        polling_.store(true, std::memory_order_release);
+    }
+
+    void
+    onCollectionStopping() override
+    {
+        polling_.store(false, std::memory_order_release);
+
+        // onTimer holds metricsLock_ across the handler loop, so acquiring it
+        // here waits for a handler that is already running.
+        std::scoped_lock const _(metricsLock_);
+    }
+
     Hook
     makeHook(HookImpl::HandlerType const& handler) override
     {
@@ -437,12 +461,15 @@ public:
             return;
         }
 
-        std::scoped_lock const _(metricsLock_);
+        if (polling_.load(std::memory_order_acquire))
+        {
+            std::scoped_lock const _(metricsLock_);
 
-        for (auto& m : metrics_)
-            m.doProcess();
+            for (auto& m : metrics_)
+                m.doProcess();
 
-        sendBuffers();
+            sendBuffers();
+        }
 
         setTimer();
     }
diff --git a/src/libxrpl/server/Wallet.cpp b/src/libxrpl/server/Wallet.cpp
index 56d0db67d4..92317d40f6 100644
--- a/src/libxrpl/server/Wallet.cpp
+++ b/src/libxrpl/server/Wallet.cpp
@@ -32,6 +32,7 @@
 #include <format>
 #include <functional>
 #include <memory>
+#include <optional>
 #include <string>
 #include <unordered_set>
 #include <utility>
@@ -147,27 +148,34 @@ clearNodeIdentity(soci::session& session)
     session << "DELETE FROM NodeIdentity;";
 }
 
+std::optional<std::pair<PublicKey, SecretKey>>
+readNodeIdentity(soci::session& session)
+{
+    // SOCI requires boost::optional (not std::optional) as the parameter.
+    boost::optional<std::string> pubKO, priKO;
+    soci::statement st =
+        (session.prepare << "SELECT PublicKey, PrivateKey FROM NodeIdentity;",
+         soci::into(pubKO),
+         soci::into(priKO));
+    st.execute();
+    while (st.fetch())
+    {
+        auto const sk = parseBase58<SecretKey>(TokenType::NodePrivate, priKO.value_or(""));
+        auto const pk = parseBase58<PublicKey>(TokenType::NodePublic, pubKO.value_or(""));
+
+        // Only use if the public and secret keys are a pair
+        if (sk && pk && (*pk == derivePublicKey(KeyType::Secp256k1, *sk)))
+            return std::pair{*pk, *sk};
+    }
+
+    return std::nullopt;
+}
+
 std::pair<PublicKey, SecretKey>
 getNodeIdentity(soci::session& session)
 {
-    {
-        // SOCI requires boost::optional (not std::optional) as the parameter.
-        boost::optional<std::string> pubKO, priKO;
-        soci::statement st =
-            (session.prepare << "SELECT PublicKey, PrivateKey FROM NodeIdentity;",
-             soci::into(pubKO),
-             soci::into(priKO));
-        st.execute();
-        while (st.fetch())
-        {
-            auto const sk = parseBase58<SecretKey>(TokenType::NodePrivate, priKO.value_or(""));
-            auto const pk = parseBase58<PublicKey>(TokenType::NodePublic, pubKO.value_or(""));
-
-            // Only use if the public and secret keys are a pair
-            if (sk && pk && (*pk == derivePublicKey(KeyType::Secp256k1, *sk)))
-                return {*pk, *sk};
-        }
-    }
+    if (auto const stored = readNodeIdentity(session))
+        return *stored;
 
     // If a valid identity wasn't found, we randomly generate a new one:
     auto [newpublicKey, newsecretKey] = randomKeyPair(KeyType::Secp256k1);
diff --git a/src/libxrpl/telemetry/Telemetry.cpp b/src/libxrpl/telemetry/Telemetry.cpp
index d285c090a7..bc0135124e 100644
--- a/src/libxrpl/telemetry/Telemetry.cpp
+++ b/src/libxrpl/telemetry/Telemetry.cpp
@@ -66,6 +66,7 @@
 
 #include <chrono>
 #include <cstdint>
+#include <exception>
 #include <memory>
 #include <string>
 #include <string_view>
@@ -317,11 +318,154 @@ class TelemetryImpl : public Telemetry
      */
     opentelemetry::nostd::shared_ptr<opentelemetry::context::RuntimeContextStorage> contextStorage_;
 
+    /**
+     * Set by stop(), so a second call does nothing.
+     */
+    bool stopped_{false};
+
+    /**
+     * Build the OTel resource shared by the tracer and meter providers.
+     *
+     * Both pipelines must report the same resource identity, so this is the
+     * single place the attributes are named. Called twice because the two
+     * providers are now built at different times: metrics in the constructor,
+     * traces in start().
+     *
+     * @return The resource carrying service and network identity.
+     */
+    [[nodiscard]] resource::Resource
+    makeResource() const
+    {
+        return resource::Resource::Create({
+            {opentelemetry::semconv::service::kServiceName, setup_.serviceName},
+            {opentelemetry::semconv::service::kServiceVersion, setup_.serviceVersion},
+            {opentelemetry::semconv::service::kServiceInstanceId, setup_.serviceInstanceId},
+            {std::string(attr::networkId),
+             static_cast<int64_t>(setup_.networkId)},              // LCOV_EXCL_LINE
+            {std::string(attr::networkType), setup_.networkType},  // LCOV_EXCL_LINE
+        });
+    }
+
+    /**
+     * Build and publish the metrics pipeline (MeterProvider + periodic reader
+     * + OTLP exporter + histogram view).
+     *
+     * Called from the constructor so the provider is published before any
+     * subsystem creates an instrument. opentelemetry-cpp 1.28.0 has no proxy
+     * MeterProvider: a meter is a point-in-time copy and is never rebound, so
+     * an instrument created before this would hold a noop meter for the process
+     * lifetime.
+     *
+     * The reader is attached here too. The SDK notes a reader added later "may
+     * not receive any in-flight meter data".
+     *
+     * Observable instruments are registered later, once the services their
+     * callbacks read exist. See Collector::onCollectionReady().
+     *
+     * @note Throws whatever the SDK factories throw; the constructor catches.
+     */
+    void
+    initMetrics()
+    {
+        // Derive the metrics endpoint from the trace endpoint by swapping
+        // the trailing "/v1/traces" path for "/v1/metrics". Any other URL
+        // shape is used as-is.
+        std::string metricsEndpoint = setup_.exporterEndpoint;
+        constexpr std::string_view tracesPath{"/v1/traces"};
+        if (metricsEndpoint.ends_with(tracesPath))
+        {
+            metricsEndpoint.replace(
+                metricsEndpoint.size() - tracesPath.size(), tracesPath.size(), "/v1/metrics");
+        }
+
+        // Configure OTLP HTTP metric exporter, honoring the same TLS
+        // options as the trace exporter.
+        otlp_http::OtlpHttpMetricExporterOptions metricExporterOpts;
+        metricExporterOpts.url = metricsEndpoint;
+        if (setup_.useTls)
+        {
+            metricExporterOpts.ssl_ca_cert_path = setup_.tlsCertPath;
+            metricExporterOpts.ssl_client_cert_path = setup_.tlsClientCertPath;
+            metricExporterOpts.ssl_client_key_path = setup_.tlsClientKeyPath;
+        }
+
+        auto metricExporter = otlp_http::OtlpHttpMetricExporterFactory::Create(metricExporterOpts);
+
+        // Configure periodic metric reader (1-second export interval,
+        // matching the beast OTelCollector path).
+        metrics_sdk::PeriodicExportingMetricReaderOptions readerOpts;
+        readerOpts.export_interval_millis = std::chrono::milliseconds(1000);
+        readerOpts.export_timeout_millis = std::chrono::milliseconds(500);
+
+        auto reader = metrics_sdk::PeriodicExportingMetricReaderFactory::Create(
+            std::move(metricExporter), readerOpts);
+
+        // Create MeterProvider with the shared resource, then attach reader.
+        meterProvider_ = metrics_sdk::MeterProviderFactory::Create(
+            std::make_unique<metrics_sdk::ViewRegistry>(), makeResource());
+        meterProvider_->AddMetricReader(std::move(reader));
+
+        // Histogram view: SpanMetrics-compatible bucket boundaries (ms) so
+        // histogram instruments align with the collector's SpanMetrics.
+        auto histogramSelector = metrics_sdk::InstrumentSelectorFactory::Create(
+            metrics_sdk::InstrumentType::kHistogram, "*", "ms");
+
+        // Must match the meter name used by getMeter() and the beast
+        // OTelCollector, or the view never applies.
+        auto meterSelector =
+            metrics_sdk::MeterSelectorFactory::Create(std::string(kMeterName), "", "");
+
+        auto histogramConfig = std::make_shared<metrics_sdk::HistogramAggregationConfig>();
+        histogramConfig->boundaries_ =
+            std::vector<double>{1.0, 5.0, 10.0, 25.0, 50.0, 100.0, 250.0, 500.0, 1000.0, 5000.0};
+
+        // An empty view name applies the buckets without renaming. A name here
+        // would collapse every matching histogram into one series.
+        auto histogramView = metrics_sdk::ViewFactory::Create(
+            "",
+            "SpanMetrics-compatible histogram buckets",
+            metrics_sdk::AggregationType::kHistogram,
+            std::move(histogramConfig));
+
+        meterProvider_->AddView(
+            std::move(histogramSelector), std::move(meterSelector), std::move(histogramView));
+
+        // Publish as the global meter provider so developers (and the beast
+        // OTelCollector shim) reach the same pipeline.
+        metrics_api::Provider::SetMeterProvider(
+            opentelemetry::nostd::shared_ptr<metrics_api::MeterProvider>(meterProvider_));
+    }
+
 public:
     TelemetryImpl(Setup setup, beast::Journal journal) : setup_(std::move(setup)), journal_(journal)
     {
+        // Publish the MeterProvider before any subsystem is constructed; see
+        // initMetrics(). setup_.serviceInstanceId is already resolved by the
+        // caller, so the resource is complete.
+        //
+        // A failure must never stop the node starting: the global provider
+        // stays noop and every instrument call remains valid.
+        try
+        {
+            initMetrics();
+        }
+        catch (std::exception const& e)
+        {
+            JLOG(journal_.error()) << "Telemetry metrics pipeline failed to initialise, "
+                                      "continuing without metrics: "
+                                   << e.what();
+        }
     }
 
+    /**
+     * Override the service instance id, for callers that learn it late.
+     *
+     * Affects only the tracer resource, which start() builds. The metrics
+     * resource is built by the constructor and is immutable, so supply the id
+     * through Setup to have it on both.
+     *
+     * @param id The instance id to report on spans.
+     */
     void
     setServiceInstanceId(std::string const& id) override
     {
@@ -361,15 +505,9 @@ public:
         // marked with kDiscardedAttr (via SpanGuard::discard()).
         auto processor = std::make_unique<FilteringSpanProcessor>(std::move(batchProcessor));
 
-        // Configure resource attributes
-        auto resourceAttrs = resource::Resource::Create({
-            {opentelemetry::semconv::service::kServiceName, setup_.serviceName},
-            {opentelemetry::semconv::service::kServiceVersion, setup_.serviceVersion},
-            {opentelemetry::semconv::service::kServiceInstanceId, setup_.serviceInstanceId},
-            {std::string(attr::networkId),
-             static_cast<int64_t>(setup_.networkId)},              // LCOV_EXCL_LINE
-            {std::string(attr::networkType), setup_.networkType},  // LCOV_EXCL_LINE
-        });
+        // Configure resource attributes. Shared with the metrics pipeline the
+        // constructor already published, so both report one identity.
+        auto resourceAttrs = makeResource();
 
         // Configure sampler. Head sampling is fixed at 1.0 (sample everything);
         // setup_.samplingRatio is not config-driven. Wrap the ratio sampler in a
@@ -407,69 +545,7 @@ public:
         trace_api::Provider::SetTracerProvider(
             opentelemetry::nostd::shared_ptr<trace_api::TracerProvider>(sdkProvider_));
 
-        // Build the metrics pipeline, parallel to the tracer above and
-        // reusing the same resourceAttrs so metrics and traces share one
-        // resource identity.
-
-        // Derive the metrics endpoint from the trace endpoint by swapping
-        // the trailing "/v1/traces" path for "/v1/metrics". Any other URL
-        // shape is used as-is.
-        std::string metricsEndpoint = setup_.exporterEndpoint;
-        constexpr std::string_view tracesPath{"/v1/traces"};
-        if (metricsEndpoint.ends_with(tracesPath))
-        {
-            metricsEndpoint.replace(
-                metricsEndpoint.size() - tracesPath.size(), tracesPath.size(), "/v1/metrics");
-        }
-
-        // Configure OTLP HTTP metric exporter, honoring the same TLS
-        // options as the trace exporter.
-        otlp_http::OtlpHttpMetricExporterOptions metricExporterOpts;
-        metricExporterOpts.url = metricsEndpoint;
-        if (setup_.useTls)
-        {
-            metricExporterOpts.ssl_ca_cert_path = setup_.tlsCertPath;
-            metricExporterOpts.ssl_client_cert_path = setup_.tlsClientCertPath;
-            metricExporterOpts.ssl_client_key_path = setup_.tlsClientKeyPath;
-        }
-
-        auto metricExporter = otlp_http::OtlpHttpMetricExporterFactory::Create(metricExporterOpts);
-
-        // Configure periodic metric reader (1-second export interval,
-        // matching the beast OTelCollector path).
-        metrics_sdk::PeriodicExportingMetricReaderOptions readerOpts;
-        readerOpts.export_interval_millis = std::chrono::milliseconds(1000);
-        readerOpts.export_timeout_millis = std::chrono::milliseconds(500);
-
-        auto reader = metrics_sdk::PeriodicExportingMetricReaderFactory::Create(
-            std::move(metricExporter), readerOpts);
-
-        // Create MeterProvider with the shared resource, then attach reader.
-        meterProvider_ = metrics_sdk::MeterProviderFactory::Create(
-            std::make_unique<metrics_sdk::ViewRegistry>(), resourceAttrs);
-        meterProvider_->AddMetricReader(std::move(reader));
-
-        // Histogram view: SpanMetrics-compatible bucket boundaries (ms) so
-        // histogram instruments align with the collector's SpanMetrics.
-        auto histogramSelector = metrics_sdk::InstrumentSelectorFactory::Create(
-            metrics_sdk::InstrumentType::kHistogram, "*", "ms");
-        auto meterSelector = metrics_sdk::MeterSelectorFactory::Create("xrpld_metrics", "", "");
-        auto histogramConfig = std::make_shared<metrics_sdk::HistogramAggregationConfig>();
-        histogramConfig->boundaries_ =
-            std::vector<double>{1.0, 5.0, 10.0, 25.0, 50.0, 100.0, 250.0, 500.0, 1000.0, 5000.0};
-        auto histogramView = metrics_sdk::ViewFactory::Create(
-            "default_histogram",
-            "Default histogram view with SpanMetrics-compatible buckets",
-            metrics_sdk::AggregationType::kHistogram,
-            std::move(histogramConfig));
-
-        meterProvider_->AddView(
-            std::move(histogramSelector), std::move(meterSelector), std::move(histogramView));
-
-        // Publish as the global meter provider so developers (and the beast
-        // OTelCollector shim) reach the same pipeline.
-        metrics_api::Provider::SetMeterProvider(
-            opentelemetry::nostd::shared_ptr<metrics_api::MeterProvider>(meterProvider_));
+        // The metrics pipeline was built by initMetrics() in the constructor.
 
         // Register as the global Telemetry instance so SpanGuard factory
         // methods can access it without callers passing a reference.
@@ -481,10 +557,16 @@ public:
     void
     stop() override
     {
+        if (stopped_)
+            return;
+        stopped_ = true;
+
         JLOG(journal_.info()) << "Telemetry stopping";
 
-        // Unregister global instance before tearing down the pipeline.
-        Telemetry::setInstance(nullptr);
+        // Unregister global instance before tearing down the pipeline, but only
+        // if this object is the one that published it.
+        if (Telemetry::getInstance() == this)
+            Telemetry::setInstance(nullptr);
 
         if (sdkProvider_)
         {
diff --git a/src/xrpld/app/main/Application.cpp b/src/xrpld/app/main/Application.cpp
index 83bbaa8fba..2a184b8fc6 100644
--- a/src/xrpld/app/main/Application.cpp
+++ b/src/xrpld/app/main/Application.cpp
@@ -316,7 +316,8 @@ public:
     ApplicationImp(
         std::unique_ptr<Config> config,
         std::unique_ptr<Logs> logs,
-        std::unique_ptr<TimeKeeper> timeKeeper)
+        std::unique_ptr<TimeKeeper> timeKeeper,
+        std::optional<std::string> const& nodePublicKey)
         : BasicApp(numberOfThreads(*config))
         , config_(std::move(config))
         , logs_(std::move(logs))
@@ -330,11 +331,15 @@ public:
                   *this,
                   logs_->journal("PerfLog"),
                   [this] { signalStop("PerfLog"); }))
+        // Telemetry publishes the MeterProvider on construction, so it must
+        // precede collectorManager_ below and every subsystem that creates an
+        // instrument. Its resource is immutable, so the instance id has to be
+        // supplied now; empty means this run reports none.
         , telemetry_(
               telemetry::makeTelemetry(
                   telemetry::makeTelemetrySetup(
                       config_->section("telemetry"),
-                      "",  // Updated later via setServiceInstanceId()
+                      nodePublicKey.value_or(""),
                       build_info::getVersionString(),
                       config_->networkId),
                   logs_->journal("Telemetry")))
@@ -515,6 +520,33 @@ public:
         add(ledgerCleaner_.get());
     }
 
+    /**
+     * Stop observing and stop telemetry before the members are destroyed.
+     *
+     * The metrics reader thread runs callbacks that read the services member
+     * destruction is about to tear down. telemetry_ is declared early because
+     * the collector needs its MeterProvider, so reverse-order member destruction
+     * would take it down last.
+     *
+     * run() does both on the normal path; this covers the paths that never
+     * reach it -- every `return false` in setup(), and the unit tests. Both
+     * calls are idempotent.
+     */
+    ~ApplicationImp() override
+    {
+        // A shutdown diagnostic must never terminate the process, and a
+        // destructor is implicitly noexcept.
+        try
+        {
+            collectorManager_->collector()->onCollectionStopping();
+            telemetry_->stop();
+        }
+        catch (std::exception const& e)
+        {
+            JLOG(journal_.error()) << "Error stopping telemetry: " << e.what();
+        }
+    }
+
     //--------------------------------------------------------------------------
 
     bool
@@ -1167,9 +1199,8 @@ private:
      * global Telemetry instance is not yet live, and the first consensus
      * round runs inside setup().
      *
-     * @pre nodeIdentity_ is populated, so setServiceInstanceId() has
-     * already supplied the service.instance.id resource attribute
-     * (the Telemetry resource is fixed once start() builds it).
+     * The resource attributes, including service.instance.id, were supplied at
+     * construction.
      */
     void
     startTelemetry() const;
@@ -1271,11 +1302,8 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
 
     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.
+    // The metrics resource was fixed at construction, but the tracer resource is
+    // built by start() below, so a key minted just now can still reach spans.
     if (!config_->section("telemetry").exists("service_instance_id"))
         telemetry_->setServiceInstanceId(toBase58(TokenType::NodePublic, nodeIdentity_->first));
 
@@ -1452,6 +1480,12 @@ ApplicationImp::setup(boost::program_options::variables_map const& cmdline)
         collectorManager_->collector());
     add(*overlay_);  // add to PropertyStream
 
+    // Register the collector's observable instruments. Their callbacks run hook
+    // handlers that read ledgerMaster_, networkOPs_, the peer finder, the job
+    // queue and overlay_ -- the last of these to be built. Still before the
+    // first consensus round below, so that round is covered.
+    collectorManager_->collector()->onCollectionReady();
+
     // start first consensus round
     if (!networkOPs_->beginConsensus(ledgerMaster_->getClosedLedger()->header().hash, {}))
     {
@@ -1669,6 +1703,11 @@ ApplicationImp::run()
         return getValidators().trustedPublisher(pubKey);
     });
 
+    // Stop observing before any service below is stopped: the collector's gauge
+    // callbacks run hook handlers that read ledgerMaster_, networkOPs_, the peer
+    // finder, the job queue and overlay_. Returns once no callback is running.
+    collectorManager_->collector()->onCollectionStopping();
+
     // The order of these stop calls is delicate.
     // Re-ordering them risks undefined behavior.
     loadManager_->stop();
@@ -2252,9 +2291,19 @@ makeApplication(
     std::unique_ptr<Config> config,
     std::unique_ptr<Logs> logs,
     std::unique_ptr<TimeKeeper> timeKeeper)
+{
+    return makeApplication(std::move(config), std::move(logs), std::move(timeKeeper), std::nullopt);
+}
+
+std::unique_ptr<Application>
+makeApplication(
+    std::unique_ptr<Config> config,
+    std::unique_ptr<Logs> logs,
+    std::unique_ptr<TimeKeeper> timeKeeper,
+    std::optional<std::string> const& nodePublicKey)
 {
     return std::make_unique<ApplicationImp>(
-        std::move(config), std::move(logs), std::move(timeKeeper));
+        std::move(config), std::move(logs), std::move(timeKeeper), nodePublicKey);
 }
 
 void
diff --git a/src/xrpld/app/main/Application.h b/src/xrpld/app/main/Application.h
index 225275afe4..1d7125cd64 100644
--- a/src/xrpld/app/main/Application.h
+++ b/src/xrpld/app/main/Application.h
@@ -174,4 +174,19 @@ makeApplication(
     std::unique_ptr<Logs> logs,
     std::unique_ptr<TimeKeeper> timeKeeper);
 
+/**
+ * Construct the application with a known node public key.
+ *
+ * Telemetry builds its resource attributes during construction and they are
+ * immutable, so the base58 node public key must be supplied here. Pass
+ * std::nullopt when it is unknown; that run reports no instance id. See
+ * resolveNodePublicKey().
+ */
+std::unique_ptr<Application>
+makeApplication(
+    std::unique_ptr<Config> config,
+    std::unique_ptr<Logs> logs,
+    std::unique_ptr<TimeKeeper> timeKeeper,
+    std::optional<std::string> const& nodePublicKey);
+
 }  // namespace xrpl
diff --git a/src/xrpld/app/main/Main.cpp b/src/xrpld/app/main/Main.cpp
index ba6520db5f..82b959f7bc 100644
--- a/src/xrpld/app/main/Main.cpp
+++ b/src/xrpld/app/main/Main.cpp
@@ -1,4 +1,5 @@
 #include <xrpld/app/main/Application.h>
+#include <xrpld/app/main/NodeIdentity.h>
 #include <xrpld/core/Config.h>
 #include <xrpld/core/TimeKeeper.h>
 #include <xrpld/rpc/RPCCall.h>
@@ -36,6 +37,7 @@
 #include <exception>
 #include <iostream>
 #include <memory>
+#include <optional>
 #include <ostream>
 #include <string>
 #include <vector>
@@ -804,8 +806,30 @@ run(int argc, char** argv)
         if (vm.contains("debug"))
             setDebugLogSink(logs->makeSink("Debug", beast::Severity::Trace));
 
-        auto app =
-            makeApplication(std::move(config), std::move(logs), std::make_unique<TimeKeeper>());
+        // Telemetry needs the node public key at construction, so read it here
+        // where a config error can still be reported and the process can exit
+        // cleanly. getNodeIdentity() in setup() stays authoritative.
+        std::optional<std::string> nodePublicKey;
+        try
+        {
+            nodePublicKey = resolveNodePublicKey(*config, vm, logs->journal("Application"));
+        }
+        catch (std::exception const& e)
+        {
+            std::cerr << "Unable to start " << systemName() << ": " << e.what() << std::endl;
+            return -1;
+        }
+
+        if (!nodePublicKey)
+        {
+            JLOG(logs->journal("Application").warn())
+                << "Telemetry: no node identity available yet, so this run reports an empty "
+                   "service.instance.id. Set [telemetry] service_instance_id, or restart once "
+                   "the node key exists.";
+        }
+
+        auto app = makeApplication(
+            std::move(config), std::move(logs), std::make_unique<TimeKeeper>(), nodePublicKey);
 
         if (!app->setup(vm))
             return -1;
diff --git a/src/xrpld/app/main/NodeIdentity.cpp b/src/xrpld/app/main/NodeIdentity.cpp
index 8198c43af7..fcf460f185 100644
--- a/src/xrpld/app/main/NodeIdentity.cpp
+++ b/src/xrpld/app/main/NodeIdentity.cpp
@@ -8,13 +8,18 @@
 #include <xrpl/protocol/KeyType.h>
 #include <xrpl/protocol/SecretKey.h>
 #include <xrpl/protocol/Seed.h>
+#include <xrpl/rdb/DBInit.h>
+#include <xrpl/rdb/DatabaseCon.h>
 #include <xrpl/server/Wallet.h>
 
 #include <boost/program_options/variables_map.hpp>
 
+#include <array>
+#include <filesystem>
 #include <optional>
 #include <stdexcept>
 #include <string>
+#include <system_error>
 #include <utility>
 
 namespace xrpl {
@@ -58,4 +63,82 @@ getNodeIdentity(Application& app, boost::program_options::variables_map const& c
     return getNodeIdentity(*db);
 }
 
+std::optional<std::string>
+resolveNodePublicKey(
+    Config const& config,
+    boost::program_options::variables_map const& cmdline,
+    beast::Journal journal)
+{
+    std::optional<Seed> seed;
+    bool seedConfigured = false;
+
+    if (cmdline.contains("nodeid"))
+    {
+        seedConfigured = true;
+        seed = parseGenericSeed(cmdline["nodeid"].as<std::string>(), false);
+    }
+    else if (config.exists(Sections::kNodeSeed))
+    {
+        seedConfigured = true;
+        if (auto const& lines = config.section(Sections::kNodeSeed).lines(); !lines.empty())
+            seed = parseBase58<Seed>(lines.front());
+    }
+
+    // A configured seed decides the identity outright. A malformed or missing
+    // one is reported by getNodeIdentity(), which runs later.
+    if (seedConfigured)
+    {
+        if (!seed)
+            return std::nullopt;
+
+        auto const secretKey = generateSecretKey(KeyType::Secp256k1, *seed);
+        return toBase58(TokenType::NodePublic, derivePublicKey(KeyType::Secp256k1, secretKey));
+    }
+
+    // --newnodeid discards whatever is stored.
+    if (cmdline.contains("newnodeid"))
+        return std::nullopt;
+
+    try
+    {
+        auto setup = setupDatabaseCon(config, journal);
+
+        // Standalone uses a temporary database, so nothing is persisted and this
+        // run will mint a fresh key.
+        if (setup.standAlone && setup.startUp != StartUpType::Load &&
+            setup.startUp != StartUpType::LoadFile && setup.startUp != StartUpType::Replay)
+        {
+            return std::nullopt;
+        }
+
+        // The global pragmas include journal_mode, which rewrites the database
+        // header. The wallet is opened without them everywhere else.
+        setup.useGlobalPragma = false;
+
+        // Only read an existing file: SQLite would otherwise create one.
+        if (std::error_code ec; !std::filesystem::exists(setup.dataDir / kWalletDbName, ec))
+        {
+            return std::nullopt;
+        }
+
+        // Empty init SQL: open the existing schema, never create it.
+        DatabaseCon walletDb{
+            setup,
+            kWalletDbName,
+            std::array<std::string, 0>{},
+            std::array<char const*, 0>{},
+            journal};
+
+        auto db = walletDb.checkoutDb();
+        if (auto const stored = readNodeIdentity(*db))
+            return toBase58(TokenType::NodePublic, stored->first);
+    }
+    catch (std::exception const& e)
+    {
+        JLOG(journal.warn()) << "Could not read the node identity: " << e.what();
+    }
+
+    return std::nullopt;
+}
+
 }  // namespace xrpl
diff --git a/src/xrpld/app/main/NodeIdentity.h b/src/xrpld/app/main/NodeIdentity.h
index 117acffdb1..7309f6007a 100644
--- a/src/xrpld/app/main/NodeIdentity.h
+++ b/src/xrpld/app/main/NodeIdentity.h
@@ -1,12 +1,16 @@
 #pragma once
 
 #include <xrpld/app/main/Application.h>
+#include <xrpld/core/Config.h>
 
+#include <xrpl/beast/utility/Journal.h>
 #include <xrpl/protocol/PublicKey.h>
 #include <xrpl/protocol/SecretKey.h>
 
 #include <boost/program_options.hpp>
 
+#include <optional>
+#include <string>
 #include <utility>
 
 namespace xrpl {
@@ -20,4 +24,26 @@ namespace xrpl {
 std::pair<PublicKey, SecretKey>
 getNodeIdentity(Application& app, boost::program_options::variables_map const& cmdline);
 
+/**
+ * This server's public key, read without creating or modifying anything.
+ *
+ * For callers that need the identity before the Application exists, such as
+ * telemetry building its resource attributes in the member-init list. Derives
+ * from a configured seed when there is one, otherwise reads the wallet database
+ * only if it already exists.
+ *
+ * getNodeIdentity() remains authoritative and mints a key when none exists.
+ *
+ * @param config  The server configuration.
+ * @param cmdline The command line parameters passed into the application.
+ * @param journal Journal for reporting an unreadable database.
+ * @return The base58-encoded node public key, or std::nullopt if none can be
+ *         read.
+ */
+std::optional<std::string>
+resolveNodePublicKey(
+    Config const& config,
+    boost::program_options::variables_map const& cmdline,
+    beast::Journal journal);
+
 }  // namespace xrpl