diff --git a/configs/taler-exchange/terms-src/no-privacy-v0.en.rst b/configs/taler-exchange/terms-src/no-privacy-v0.en.rst
new file mode 100644
index 0000000..9a3706e
--- /dev/null
+++ b/configs/taler-exchange/terms-src/no-privacy-v0.en.rst
@@ -0,0 +1,15 @@
+No Privacy Policy Required
+==========================
+
+This is an **experimental / exploration** GNU Taler exchange for **GOA**.
+
+**No formal privacy policy is required** for this demo service.
+
+Note (high level):
+
+* Wire transfers via the regional bank may identify bank account holders.
+* The exchange processes withdrawals, deposits, and related operations
+  as required by the GNU Taler protocol.
+* Logs may be kept for operation and debugging.
+
+Do not use this service if that is unacceptable.
diff --git a/configs/taler-exchange/terms-src/no-terms-v0.en.rst b/configs/taler-exchange/terms-src/no-terms-v0.en.rst
new file mode 100644
index 0000000..ff6b131
--- /dev/null
+++ b/configs/taler-exchange/terms-src/no-terms-v0.en.rst
@@ -0,0 +1,16 @@
+No Terms Required
+=================
+
+This is an **experimental / exploration** GNU Taler exchange for the
+currency **GOA** (hacktivism.ch).
+
+**No formal terms of service are required** to use this service.
+
+By withdrawing or using GOA coins you acknowledge that:
+
+* This service is for exploration and testing only.
+* There is no guaranteed availability, support, or redemption.
+* Operators may reset balances or change configuration without notice.
+* Do not use real money you cannot afford to lose.
+
+If you do not agree, do not use this exchange.
diff --git a/scripts/taler-exchange/install_no_terms.sh b/scripts/taler-exchange/install_no_terms.sh
new file mode 100644
index 0000000..2a79c6a
--- /dev/null
+++ b/scripts/taler-exchange/install_no_terms.sh
@@ -0,0 +1,263 @@
+#!/bin/bash
+# Install "No Terms Required" ToS + privacy for the exchange (styled like merchant terms).
+# Run as root inside the exchange container.
+set -euo pipefail
+export PATH="/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin${PATH:+:$PATH}"
+
+CONF="${TALER_EXCHANGE_CONFIG:-/etc/taler-exchange/taler-exchange.conf}"
+DATA_HOME=$(taler-exchange-config -c "$CONF" -f -s PATHS -o TALER_DATA_HOME 2>/dev/null || true)
+DATA_HOME="${DATA_HOME:-/var/lib/taler-exchange/}"
+TERMS_DIR="${DATA_HOME%/}/terms"
+LANG_DIR="$TERMS_DIR/en"
+mkdir -p "$LANG_DIR"
+
+# Bump when HTML/style changes (long Cache-Control on /terms).
+TOS_ETAG="${TERMS_ETAG:-no-terms-v0}"
+# Prefer Swiss FADP privacy install (install_swiss_privacy.sh); fallback etag here
+PP_ETAG="${PRIVACY_ETAG:-exchange-pp-swiss-v0}"
+
+# Shared palette with merchant-tos-dual / bank terms pages
+COMMON_CSS='
+    :root { color-scheme: dark light; }
+    body {
+      font-family: system-ui, -apple-system, sans-serif;
+      max-width: 40rem; margin: 2rem auto; padding: 0 1.1rem 3rem;
+      line-height: 1.5; color: #e8e6e3; background: #1a1520;
+    }
+    h1 { font-size: 1.35rem; font-weight: 800; margin: 0 0 1rem; color: #f5f0ea; }
+    h2 { font-size: 1.05rem; margin: 1.4rem 0 0.5rem; color: #e8c878; }
+    p, li { font-size: 0.98rem; }
+    ul { padding-left: 1.2rem; }
+    code, a { color: #5eead4; }
+    a { text-decoration: none; }
+    a:hover { text-decoration: underline; }
+    .badge {
+      display: inline-block; font-size: 0.72rem; font-weight: 700;
+      letter-spacing: 0.06em; text-transform: uppercase;
+      color: #c4b5fd; border: 1px solid rgba(196,181,253,0.35);
+      border-radius: 999px; padding: 0.2rem 0.65rem; margin-bottom: 0.85rem;
+    }
+    .cur {
+      border-radius: 12px; padding: 0.75rem 0.9rem; margin: 0.85rem 0 1rem;
+      border: 1px solid rgba(255,255,255,0.1); background: rgba(0,0,0,0.25);
+    }
+    .cur strong { display: block; font-size: 1.05rem; margin-bottom: 0.25rem; color: #5eead4; }
+    .muted { color: #a39e98; font-size: 0.88rem; }
+    footer { margin-top: 2rem; font-size: 0.85rem; color: #a39e98; }
+'
+
+write_tos() {
+  local base="$1"
+  local title="No Terms Required"
+  local body_txt body_md
+
+  body_txt='No Terms Required.
+
+This is an experimental / exploration GNU Taler exchange for the currency GOA (hacktivism.ch).
+
+No formal terms of service are required to use this service.
+
+By withdrawing or using GOA coins you acknowledge that:
+- This service is for exploration and testing only.
+- GOA is not legal tender and has no guaranteed real-world value or redemption.
+- There is no guaranteed availability, support, or uptime.
+- Operators may reset balances or change configuration without notice.
+- Do not use real money you cannot afford to lose.
+
+If you do not agree, do not use this exchange.
+
+Related:
+- Bank: https://bank.hacktivism.ch/intro/
+- Merchant terms: https://taler.hacktivism.ch/terms
+- Bank terms: https://bank.hacktivism.ch/terms
+
+Privacy:
+Processing under Swiss FADP (revDSG). What data is retained is listed at
+https://exchange.hacktivism.ch/privacy
+'
+
+  body_md='# No Terms Required
+
+This is an **experimental / exploration** GNU Taler exchange for the currency **GOA** (hacktivism.ch).
+
+**No formal terms of service** are required to use this service.
+
+By withdrawing or using GOA coins you acknowledge that:
+
+- This service is for exploration and testing only.
+- GOA is not legal tender and has no guaranteed real-world value or redemption.
+- There is no guaranteed availability, support, or uptime.
+- Operators may reset balances or change configuration without notice.
+- Do not use real money you cannot afford to lose.
+
+If you do not agree, do not use this exchange.
+
+## Related
+
+- [Bank intro](https://bank.hacktivism.ch/intro/)
+- [Bank terms](https://bank.hacktivism.ch/terms)
+- [Merchant terms](https://taler.hacktivism.ch/terms)
+- [Exchange privacy](https://exchange.hacktivism.ch/privacy)
+
+## Privacy
+
+Processing under Swiss FADP (revDSG). What data is retained is listed on
+[exchange.hacktivism.ch/privacy](https://exchange.hacktivism.ch/privacy).
+'
+
+  printf '%s\n' "$body_txt" >"$LANG_DIR/${base}.txt"
+  printf '%s\n' "$body_md" >"$LANG_DIR/${base}.md"
+  cat >"$LANG_DIR/${base}.html" <<HTML
+<!DOCTYPE html>
+<html lang="en">
+<head>
+  <meta charset="utf-8"/>
+  <meta name="viewport" content="width=device-width, initial-scale=1"/>
+  <title>${title}</title>
+  <style>
+${COMMON_CSS}
+  </style>
+</head>
+<body>
+  <div class="badge">exchange.hacktivism.ch · GOA</div>
+  <h1>${title}</h1>
+  <p>This is an <strong>experimental / exploration</strong> GNU Taler exchange for the
+    currency <strong>GOA</strong> at <code>exchange.hacktivism.ch</code> (hacktivism.ch).</p>
+  <p><strong>No formal terms of service</strong> are required to use this service.</p>
+
+  <div class="cur">
+    <strong>GOA · explorational</strong>
+    Not legal tender. No guaranteed real-world value, redemption, or convertibility.
+    Issued only for exploration and testing on this stack.
+  </div>
+
+  <h2>By withdrawing or using GOA coins you acknowledge</h2>
+  <ul>
+    <li>This service is for exploration and testing only.</li>
+    <li>There is no guaranteed availability, support, or uptime.</li>
+    <li>Operators may reset balances or change configuration without notice.</li>
+    <li>Do not use real money you cannot afford to lose.</li>
+    <li>Software is provided as-is, without warranty.</li>
+  </ul>
+  <p>If you do not agree, do not use this exchange.</p>
+
+  <h2>Related</h2>
+  <ul>
+    <li><a href="https://bank.hacktivism.ch/intro/">Bank intro</a></li>
+    <li><a href="https://bank.hacktivism.ch/terms">Bank terms</a></li>
+    <li><a href="https://taler.hacktivism.ch/terms">Merchant terms</a></li>
+    <li><a href="https://exchange.hacktivism.ch/intro/">Exchange intro</a></li>
+    <li><a href="https://exchange.hacktivism.ch/privacy">Exchange privacy</a></li>
+  </ul>
+
+  <h2>Privacy</h2>
+  <p class="muted">Processing under Swiss FADP (revDSG). What data is retained
+    (reserves, wire-in, coins, logs, …) is listed on
+    <a href="https://exchange.hacktivism.ch/privacy">/privacy</a>.</p>
+  <footer class="muted">Version ${base} · hacktivism.ch</footer>
+</body>
+</html>
+HTML
+}
+
+write_pp() {
+  # Legacy short PP only if not using install_swiss_privacy.sh etag
+  local base="$1"
+  local title="Privacy notice · GOA Exchange"
+  local body_txt body_md
+
+  body_txt='No Privacy Policy Required.
+
+This is an experimental / exploration GNU Taler exchange for GOA.
+
+No formal privacy policy is required for this demo service.
+
+High-level notes:
+- Wire transfers via the regional bank may identify bank account holders.
+- The exchange processes withdrawals, deposits, and related protocol operations.
+- Logs may be kept for operation and debugging.
+
+Do not use this service if that is unacceptable.
+
+Related:
+- Exchange terms: https://exchange.hacktivism.ch/terms
+'
+
+  body_md='# No Privacy Policy Required
+
+This is an **experimental / exploration** GNU Taler exchange for **GOA**.
+
+**No formal privacy policy** is required for this demo service.
+
+## High-level notes
+
+- Wire transfers via the regional bank may identify bank account holders.
+- The exchange processes withdrawals, deposits, and related protocol operations.
+- Logs may be kept for operation and debugging.
+
+Do not use this service if that is unacceptable.
+
+## Related
+
+- [Exchange terms](https://exchange.hacktivism.ch/terms)
+'
+
+  printf '%s\n' "$body_txt" >"$LANG_DIR/${base}.txt"
+  printf '%s\n' "$body_md" >"$LANG_DIR/${base}.md"
+  cat >"$LANG_DIR/${base}.html" <<HTML
+<!DOCTYPE html>
+<html lang="en">
+<head>
+  <meta charset="utf-8"/>
+  <meta name="viewport" content="width=device-width, initial-scale=1"/>
+  <title>${title}</title>
+  <style>
+${COMMON_CSS}
+  </style>
+</head>
+<body>
+  <div class="badge">exchange.hacktivism.ch · privacy</div>
+  <h1>${title}</h1>
+  <p>This is an <strong>experimental / exploration</strong> GNU Taler exchange for
+    <strong>GOA</strong> at <code>exchange.hacktivism.ch</code>.</p>
+  <p><strong>No formal privacy policy</strong> is required for this demo service.</p>
+
+  <h2>High-level notes</h2>
+  <ul>
+    <li>Wire transfers via the regional bank may identify bank account holders.</li>
+    <li>The exchange processes withdrawals, deposits, and related protocol operations.</li>
+    <li>Logs may be kept for operation and debugging.</li>
+  </ul>
+  <p>Do not use this service if that is unacceptable.</p>
+
+  <h2>Related</h2>
+  <ul>
+    <li><a href="https://exchange.hacktivism.ch/terms">Exchange terms</a></li>
+    <li><a href="https://bank.hacktivism.ch/terms">Bank terms</a></li>
+    <li><a href="https://taler.hacktivism.ch/terms">Merchant terms</a></li>
+  </ul>
+  <footer class="muted">Version ${base}</footer>
+</body>
+</html>
+HTML
+}
+
+write_tos "$TOS_ETAG"
+# Prefer Swiss FADP privacy installer when present (precise retention tables)
+if [ -x /usr/local/bin/install_swiss_privacy.sh ]; then
+  PRIVACY_ETAG="$PP_ETAG" /usr/local/bin/install_swiss_privacy.sh
+else
+  write_pp "$PP_ETAG"
+fi
+
+chmod -R a+rX "$TERMS_DIR"
+if id taler-exchange-httpd >/dev/null 2>&1; then
+  chown -R taler-exchange-httpd: "$TERMS_DIR" 2>/dev/null || true
+fi
+
+echo "Installed under $LANG_DIR:"
+ls -la "$LANG_DIR"/${TOS_ETAG}.* "$LANG_DIR"/${PP_ETAG}.* 2>/dev/null || ls -la "$LANG_DIR"
+echo "Config should set:"
+echo "  TERMS_ETAG = ${TOS_ETAG}"
+echo "  PRIVACY_ETAG = ${PP_ETAG}"
+echo "  TERMS_DIR / PRIVACY_DIR = \${TALER_DATA_HOME}terms/"
diff --git a/scripts/taler-exchange/landing-stats-exchange.sh b/scripts/taler-exchange/landing-stats-exchange.sh
new file mode 100644
index 0000000..35452d4
--- /dev/null
+++ b/scripts/taler-exchange/landing-stats-exchange.sh
@@ -0,0 +1,300 @@
+#!/bin/bash
+# Run INSIDE taler-hacktivism-exchange-ansible.
+# Writes /var/www/exchange-landing/stats.json
+#
+# Data lives in Postgres DB taler-exchange, schema exchange.*
+# (reserves, reserves_in, known_coins, withdraw, denominations, …)
+#
+# IMPORTANT: never use  psql -F$'\t' -v ON_ERROR_STOP=1
+# If the tab arg is lost, -F eats -v and ON_ERROR_STOP=1 becomes the
+# *username* → peer auth fails → silent empty counts (all zeros).
+# Never overwrite stats.json on failure — write stats-run.json instead.
+set -euo pipefail
+export TZ="${TZ:-Europe/Zurich}"
+export PATH="/usr/local/sbin:/usr/local/bin:/usr/sbin:/usr/bin:/sbin:/bin${PATH:+:$PATH}"
+LANDING_DIR="${LANDING_DIR:-/var/www/exchange-landing}"
+OUT="$LANDING_DIR/stats.json"
+RUN="$LANDING_DIR/stats-run.json"
+TMP="${OUT}.tmp.$$"
+DB="${EXCHANGE_DB:-taler-exchange}"
+BASE_URL="${EXCHANGE_BASE_URL:-https://exchange.hacktivism.ch}"
+ERRLOG="${LANDING_STATS_ERRLOG:-/var/log/landing-stats-exchange.err}"
+mkdir -p "$LANDING_DIR"
+
+now_iso() { date +%Y-%m-%dT%H:%M%z | sed -E 's/([+-][0-9]{2})([0-9]{2})$/\1:\2/'; }
+now_human() { date +"%Y-%m-%d %H:%M %Z"; }
+json_str() {
+  printf '"%s"' "$(printf '%s' "$1" | sed 's/\\/\\\\/g; s/"/\\"/g' | tr '\n\r\t' '   ')"
+}
+
+write_run() {
+  local ok_json="$1" msg="${2:-}"
+  cat >"$RUN" <<EOF
+{
+  "ok": ${ok_json},
+  "at": $(json_str "$(now_iso)"),
+  "at_human": $(json_str "$(now_human)"),
+  "error": $( [ -n "$msg" ] && json_str "$msg" || echo null )
+}
+EOF
+}
+
+abort() {
+  write_run false "$*"
+  printf '%s\n' "abort exchange-stats: $*" | tee -a "$ERRLOG" >&2
+  rm -f "$TMP" 2>/dev/null || true
+  exit 1
+}
+
+# Prefer runuser; fall back to su. Always absolute-ish via PATH.
+as_postgres() {
+  if command -v runuser >/dev/null 2>&1; then
+    runuser -u postgres -- "$@"
+  elif command -v su >/dev/null 2>&1; then
+    su -s /bin/bash postgres -c "$*"
+  else
+    return 127
+  fi
+}
+
+# Single value or one row with '|' separators (no -F, no -v flags).
+psqlq() {
+  local sql="$1" out ec
+  set +e
+  out=$(as_postgres psql -d "$DB" -At -c "$sql" 2>>"$ERRLOG")
+  ec=$?
+  set -e
+  if [ "$ec" -ne 0 ]; then
+    abort "psql failed (ec=$ec): ${sql:0:120}"
+  fi
+  printf '%s' "$out"
+}
+
+fmt_goa() {
+  local v="${1:-0}" f="${2:-0}"
+  v=${v//[^0-9-]/}; f=${f//[^0-9-]/}; v=${v:-0}; f=${f:-0}
+  if [ "$f" = "0" ] || [ -z "$f" ]; then
+    printf 'GOA:%s' "$v"
+    return
+  fi
+  awk -v v="$v" -v f="$f" 'BEGIN{
+    frac = sprintf("%08d", f+0); sub(/0+$/, "", frac)
+    if (frac == "") printf "GOA:%d", v+0
+    else printf "GOA:%d.%s", v+0, frac
+  }'
+}
+
+q_count() {
+  local n
+  n=$(psqlq "SELECT count(*)::text FROM $1;")
+  # strip whitespace/newlines
+  n=$(printf '%s' "$n" | tr -d '[:space:]')
+  [[ "$n" =~ ^[0-9]+$ ]] || abort "bad count for $1: '$n'"
+  printf '%s' "$n"
+}
+
+# --- preflight ---
+command -v psql >/dev/null 2>&1 || abort "psql not in PATH ($PATH)"
+command -v runuser >/dev/null 2>&1 || command -v su >/dev/null 2>&1 || abort "neither runuser nor su in PATH"
+PROBE=$(psqlq "SELECT 1;")
+[ "$PROBE" = "1" ] || abort "postgres not reachable (SELECT 1 → '$PROBE')"
+
+# --- coin lifecycle ---
+KNOWN_COINS=$(q_count "exchange.known_coins")
+COINS_LIVE=$(psqlq "SELECT count(*)::text FROM exchange.known_coins WHERE (remaining).val > 0 OR (remaining).frac > 0;")
+COINS_LIVE=$(printf '%s' "${COINS_LIVE:-0}" | tr -d '[:space:]')
+COINS_LIVE=${COINS_LIVE:-0}
+COINS_SPENT=$(( KNOWN_COINS - COINS_LIVE ))
+
+REM_ROW=$(psqlq "SELECT coalesce(sum((remaining).val),0)::text || '|' || coalesce(sum((remaining).frac),0)::text FROM exchange.known_coins;")
+IFS='|' read -r REM_VAL REM_FRAC <<<"${REM_ROW:-0|0}"
+REMAINING_AMT=$(fmt_goa "${REM_VAL:-0}" "${REM_FRAC:-0}")
+
+DENOMS_TOTAL=$(q_count "exchange.denominations")
+DENOM_VALUES=$(psqlq "SELECT count(DISTINCT ((coin).val, (coin).frac))::text FROM exchange.denominations;")
+DENOM_VALUES=$(printf '%s' "${DENOM_VALUES:-0}" | tr -d '[:space:]')
+
+NOW_US=$(date +%s)000000
+DENOMS_WITHDRAWABLE=$(psqlq "SELECT count(*)::text FROM exchange.denominations WHERE valid_from <= ${NOW_US} AND expire_withdraw > ${NOW_US};")
+DENOMS_WITHDRAWABLE=$(printf '%s' "${DENOMS_WITHDRAWABLE:-0}" | tr -d '[:space:]')
+
+RESERVES=$(q_count "exchange.reserves")
+RESERVES_IN=$(q_count "exchange.reserves_in")
+WIN_ROW=$(psqlq "SELECT coalesce(sum((credit).val),0)::text || '|' || coalesce(sum((credit).frac),0)::text FROM exchange.reserves_in;")
+IFS='|' read -r WIN_VAL WIN_FRAC <<<"${WIN_ROW:-0|0}"
+WIRE_IN_AMT=$(fmt_goa "${WIN_VAL:-0}" "${WIN_FRAC:-0}")
+
+WITHDRAW_OPS=$(q_count "exchange.withdraw")
+WOUT_ROW=$(psqlq "SELECT coalesce(sum((amount_with_fee).val),0)::text || '|' || coalesce(sum((amount_with_fee).frac),0)::text FROM exchange.withdraw;")
+IFS='|' read -r WO_VAL WO_FRAC <<<"${WOUT_ROW:-0|0}"
+WITHDRAW_AMT=$(fmt_goa "${WO_VAL:-0}" "${WO_FRAC:-0}")
+
+REFRESH_OPS=$(q_count "exchange.refresh")
+RECOUP=$(q_count "exchange.recoup")
+REFUNDS=$(q_count "exchange.refunds")
+COIN_DEPOSITS=$(q_count "exchange.coin_deposits")
+BATCH_DEPOSITS=$(q_count "exchange.batch_deposits")
+WIRE_OUT=$(q_count "exchange.wire_out")
+COIN_HISTORY=$(q_count "exchange.coin_history")
+WIRE_ACCTS=$(q_count "exchange.wire_accounts")
+
+# known coins by denom value (pipe-separated)
+BY_DENOM_TSV=$(psqlq "
+SELECT (d.coin).val::text || '|' || (d.coin).frac::text || '|' || count(*)::text || '|' ||
+       count(*) FILTER (WHERE (k.remaining).val > 0 OR (k.remaining).frac > 0)::text
+FROM exchange.known_coins k
+JOIN exchange.denominations d ON d.denominations_serial = k.denominations_serial
+GROUP BY (d.coin).val, (d.coin).frac
+ORDER BY (d.coin).val, (d.coin).frac;
+")
+
+BY_DENOM_JSON="["
+bf=1
+while IFS='|' read -r dv df cnt live; do
+  [ -z "${dv:-}" ] && continue
+  amt=$(fmt_goa "$dv" "$df")
+  if [ "$bf" = 1 ]; then bf=0; else BY_DENOM_JSON="${BY_DENOM_JSON},"; fi
+  BY_DENOM_JSON="${BY_DENOM_JSON}
+    {\"value\": $(json_str "$amt"), \"coins\": ${cnt:-0}, \"live\": ${live:-0}}"
+done <<<"$BY_DENOM_TSV"
+BY_DENOM_JSON="${BY_DENOM_JSON}
+  ]"
+
+LADDER_TSV=$(psqlq "
+SELECT (coin).val::text || '|' || (coin).frac::text || '|' || count(*)::text
+FROM exchange.denominations
+GROUP BY (coin).val, (coin).frac
+ORDER BY (coin).val, (coin).frac;
+")
+LADDER_JSON="["
+lf=1
+while IFS='|' read -r dv df nkeys; do
+  [ -z "${dv:-}" ] && continue
+  amt=$(fmt_goa "$dv" "$df")
+  if [ "$lf" = 1 ]; then lf=0; else LADDER_JSON="${LADDER_JSON},"; fi
+  LADDER_JSON="${LADDER_JSON}
+    {\"value\": $(json_str "$amt"), \"keys\": ${nkeys:-0}}"
+done <<<"$LADDER_TSV"
+LADDER_JSON="${LADDER_JSON}
+  ]"
+
+# recent wire-in / withdraw activity (no personal names — reserve_pub hex truncated)
+RECENT_JSON="["
+rf=1
+while IFS='|' read -r ts val frac; do
+  [ -z "${ts:-}" ] && continue
+  sec=$(awk -v t="$ts" 'BEGIN{printf "%d", int(t/1000000)}')
+  human=$(date -d "@${sec}" +"%Y-%m-%d %H:%M %Z" 2>/dev/null || echo "$sec")
+  amt=$(fmt_goa "${val:-0}" "${frac:-0}")
+  if [ "$rf" = 1 ]; then rf=0; else RECENT_JSON="${RECENT_JSON},"; fi
+  RECENT_JSON="${RECENT_JSON}
+    {\"kind\": \"wire_in\", \"amount\": $(json_str "$amt"), \"ts_human\": $(json_str "$human"), \"ts_us\": ${ts:-0}}"
+done < <(psqlq "
+SELECT execution_date::text || '|' || (credit).val::text || '|' || (credit).frac::text
+FROM exchange.reserves_in
+ORDER BY execution_date DESC
+LIMIT 8;
+")
+while IFS='|' read -r ts val frac; do
+  [ -z "${ts:-}" ] && continue
+  sec=$(awk -v t="$ts" 'BEGIN{printf "%d", int(t/1000000)}')
+  human=$(date -d "@${sec}" +"%Y-%m-%d %H:%M %Z" 2>/dev/null || echo "$sec")
+  amt=$(fmt_goa "${val:-0}" "${frac:-0}")
+  if [ "$rf" = 1 ]; then rf=0; else RECENT_JSON="${RECENT_JSON},"; fi
+  RECENT_JSON="${RECENT_JSON}
+    {\"kind\": \"withdraw\", \"amount\": $(json_str "$amt"), \"ts_human\": $(json_str "$human"), \"ts_us\": ${ts:-0}}"
+done < <(psqlq "
+SELECT execution_date::text || '|' || (amount_with_fee).val::text || '|' || (amount_with_fee).frac::text
+FROM exchange.withdraw
+ORDER BY execution_date DESC
+LIMIT 6;
+")
+RECENT_JSON="${RECENT_JSON}
+  ]"
+
+# live performance
+measure_ms() {
+  local url="$1" t
+  t=$(curl -sS -o /dev/null -m 8 -w '%{time_total}' "$url" 2>/dev/null || echo "")
+  [ -z "$t" ] && { echo "null"; return; }
+  awk -v t="$t" 'BEGIN{printf "%d", (t+0)*1000}'
+}
+KEYS_MS=$(measure_ms "${BASE_URL}/keys")
+CONFIG_MS=$(measure_ms "${BASE_URL}/config")
+KEYS_HTTP=$(curl -sS -o /dev/null -m 8 -w '%{http_code}' "${BASE_URL}/keys" 2>/dev/null || echo "000")
+CONFIG_HTTP=$(curl -sS -o /dev/null -m 8 -w '%{http_code}' "${BASE_URL}/config" 2>/dev/null || echo "000")
+LOADAVG=""
+[ -r /proc/loadavg ] && LOADAVG=$(awk '{print $1","$2","$3}' /proc/loadavg)
+
+WW="false"
+pgrep -f taler-exchange-wirewatch >/dev/null 2>&1 && WW="true"
+
+STAT_EVENTS=$(q_count "exchange.exchange_statistic_counter_event")
+
+# Fail closed: zero denoms usually means broken query path (table always has keys)
+if [ "${DENOMS_TOTAL:-0}" = "0" ]; then
+  abort "denominations count is 0 — refusing to publish (check peer auth / PATH)"
+fi
+
+GEN=$(now_iso)
+HUMAN=$(now_human)
+num_or_null() { case "${1:-}" in ''|null) echo null ;; *) echo "$1" ;; esac; }
+
+MEM_JSON='"container_rss_human": "—"'
+MEM_HELPER="${MEM_HELPER:-/usr/local/lib/landing-mem-snapshot.sh}"
+if [ -f "$MEM_HELPER" ]; then
+  # shellcheck disable=SC1090
+  . "$MEM_HELPER"
+  mem_snapshot_json || true
+fi
+
+cat >"$TMP" <<EOF
+{
+  "ok": true,
+  "source": "exchange-db",
+  "schema": "exchange.* @ taler-exchange",
+  "focus": "coins",
+  "timezone": $(json_str "$TZ"),
+  "generated_at": $(json_str "$GEN"),
+  "generated_at_human": $(json_str "$HUMAN"),
+  "reserves": ${RESERVES:-0},
+  "wire_in_count": ${RESERVES_IN:-0},
+  "wire_in_amount": $(json_str "$WIRE_IN_AMT"),
+  "wire_out": ${WIRE_OUT:-0},
+  "wire_accounts": ${WIRE_ACCTS:-0},
+  "wirewatch_running": $WW,
+  "known_coins": ${KNOWN_COINS:-0},
+  "coins_live": ${COINS_LIVE:-0},
+  "coins_spent": ${COINS_SPENT:-0},
+  "coins_remaining_amount": $(json_str "$REMAINING_AMT"),
+  "withdraw_ops": ${WITHDRAW_OPS:-0},
+  "withdraw_amount": $(json_str "$WITHDRAW_AMT"),
+  "refresh_ops": ${REFRESH_OPS:-0},
+  "recoup": ${RECOUP:-0},
+  "refunds": ${REFUNDS:-0},
+  "coin_deposits": ${COIN_DEPOSITS:-0},
+  "batch_deposits": ${BATCH_DEPOSITS:-0},
+  "coin_history_events": ${COIN_HISTORY:-0},
+  "denominations": ${DENOMS_TOTAL:-0},
+  "denom_values": ${DENOM_VALUES:-0},
+  "denoms_withdrawable": ${DENOMS_WITHDRAWABLE:-0},
+  "by_denom": $BY_DENOM_JSON,
+  "denom_ladder": $LADDER_JSON,
+  "recent_activity": $RECENT_JSON,
+  "performance": {
+    "keys_http": $(json_str "$KEYS_HTTP"),
+    "keys_ms": $(num_or_null "$KEYS_MS"),
+    "config_http": $(json_str "$CONFIG_HTTP"),
+    "config_ms": $(num_or_null "$CONFIG_MS"),
+    "loadavg": $(json_str "${LOADAVG:-}"),
+    "statistic_counter_events": ${STAT_EVENTS:-0},
+    "memory": {
+${MEM_JSON}
+    }
+  }
+}
+EOF
+grep -q '"ok": true' "$TMP" || abort "tmp json missing ok:true"
+mv -f "$TMP" "$OUT"
+write_run true
+echo "ok exchange reserves=$RESERVES wire_in=$WIRE_IN_AMT coins=$KNOWN_COINS withdraw=$WITHDRAW_AMT denoms=$DENOMS_TOTAL keys_ms=$KEYS_MS -> $OUT"