diff --git a/README.md b/README.md
index ac3c2f7..9b4c685 100644
--- a/README.md
+++ b/README.md
@@ -55,21 +55,23 @@ somethingWasmRuntime target/tco-threads/wasm32-wasip1-threads/release/chiwawa.wa
 ```
 ## Tracing
 
-Tracing requires the `trace` feature to be enabled at compile time. Stack the
-feature onto a build alias to keep the per-dispatch-mode output directory:
+Tracing requires the `trace` feature to be enabled at compile time. It is
+performed only by the loop dispatcher (non-`tco`), the same as statistics: the
+tail-call dispatcher has no central loop to hook, so `--trace` is ignored with a
+warning under `tco`.
 
 ```bash
 # Build with trace feature on top of the loop dispatcher
 cargo build-legacy --features trace
-# Or with the tail-call dispatcher
-cargo build-tco --features trace
 
 # TRACE_EVENTS = (all,store,load,call,branch)
-# TRACE_RESOURCE = (regs,memory,locals,globals,pc)
+# TRACE_RESOURCE = (regs,locals,globals,pc)
 somethingWasmRuntime target/legacy/wasm32-wasip1/release/chiwawa.wasm test.wasm --trace --trace-events [<TRACE_EVENTS>...] --trace-resource [<TRACE_RESOURCE>...]
 ```
 
-If `--trace` is used without the feature enabled, a warning is displayed and the flag is ignored.
+If `--trace` is used without the feature enabled, a warning is displayed and the
+flag is ignored. The same applies when `--trace` is combined with the `tco`
+feature.
 
 ## Statistics
 
diff --git a/src/execution/dispatch_loop.rs b/src/execution/dispatch_loop.rs
index ac09e96..f28ed2f 100644
--- a/src/execution/dispatch_loop.rs
+++ b/src/execution/dispatch_loop.rs
@@ -49,6 +49,18 @@ pub fn execute_instructions(state: &mut VmState) -> Outcome {
             unsafe { (*state.stats).record_instruction(idx) };
         }
 
+        #[cfg(feature = "trace")]
+        if !state.tracer.is_null() {
+            let ip = state.pc;
+            let idx = state.current_instr().handler_index();
+            let locals = unsafe { std::slice::from_raw_parts(state.locals, state.locals_len) };
+            let reg_file = state.reg_file();
+            let globals = &state.module().global_addrs;
+            unsafe {
+                (*state.tracer).trace_instruction(ip, idx, reg_file, locals, globals);
+            }
+        }
+
         let h = unsafe { *state.handlers.add(state.pc) };
         match h(state) {
             Outcome::Continue => continue,
diff --git a/src/execution/runtime.rs b/src/execution/runtime.rs
index 2f17075..301e8f1 100644
--- a/src/execution/runtime.rs
+++ b/src/execution/runtime.rs
@@ -177,6 +177,14 @@ impl Runtime {
             .as_mut()
             .map_or(std::ptr::null_mut(), |s| s as *mut ExecutionStats);
 
+        #[cfg(feature = "trace")]
+        let tracer_ptr = self
+            .tracer
+            .as_mut()
+            .map_or(std::ptr::null_mut(), |t| t as *mut Tracer);
+        #[cfg(feature = "trace")]
+        let locals_len = frame_stack.frame.locals.len();
+
         let mut state = VmState {
             reg_file: reg_file_ptr,
             locals: locals_ptr,
@@ -195,6 +203,10 @@ impl Runtime {
             checkpoint_poll_counter: 0,
             #[cfg(feature = "stats")]
             stats: stats_ptr,
+            #[cfg(feature = "trace")]
+            tracer: tracer_ptr,
+            #[cfg(feature = "trace")]
+            locals_len,
         };
 
         let outcome = dispatch::execute_instructions(&mut state);
diff --git a/src/execution/state.rs b/src/execution/state.rs
index 158621d..b44fda4 100644
--- a/src/execution/state.rs
+++ b/src/execution/state.rs
@@ -67,9 +67,18 @@ pub struct VmState {
     /// Incremented by `migration::poll_checkpoint`
     pub checkpoint_poll_counter: u32,
 
-    /// Execution statistics sink (loop dispatcher only)
+    /// Execution statistics (loop dispatcher only)
     #[cfg(feature = "stats")]
     pub stats: *mut crate::execution::stats::ExecutionStats,
+
+    /// Execution tracer (loop dispatcher only)
+    #[cfg(feature = "trace")]
+    pub tracer: *mut crate::execution::trace::Tracer,
+
+    /// Number of locals in the current frame.
+    /// Needed because `locals` is a raw pointer with no length;
+    #[cfg(feature = "trace")]
+    pub locals_len: usize,
 }
 
 impl VmState {
diff --git a/src/main.rs b/src/main.rs
index b21032a..77b94a2 100644
--- a/src/main.rs
+++ b/src/main.rs
@@ -153,6 +153,14 @@ fn main() -> Result<()> {
         eprintln!("         Rebuild with: cargo build --features trace");
     }
 
+    // Warn if --trace is combined with the tco feature: the tail-call
+    // dispatcher has no central loop to hook, so tracing is unsupported there.
+    #[cfg(all(feature = "trace", feature = "tco"))]
+    if cli.enable_trace {
+        eprintln!("Warning: --trace is ignored because the 'tco' feature is enabled.");
+        eprintln!("         Tracing is only performed by the non-tco dispatcher.");
+    }
+
     let mut module = Module::new("test");
     let _ = parser::parse_bytecode(&mut module, &cli.wasm_file);
     let imports: ImportObjects = FxHashMap::default();