diff --git a/contracts/src/multisig/ForwarderPrivate.compact b/contracts/src/multisig/ForwarderPrivate.compact
index 7a3daef4..71da91c6 100644
--- a/contracts/src/multisig/ForwarderPrivate.compact
+++ b/contracts/src/multisig/ForwarderPrivate.compact
@@ -110,7 +110,7 @@ module ForwarderPrivate {
    * would defeat the private-parent guarantee. A coin public key is encrypted
    * inside the Zswap output and never appears on the public transcript.
    *
-   * @circuitInfo k=16, rows=41961
+   * @circuitInfo k=15, rows=23937
    *
    * Requirements:
    *
diff --git a/contracts/src/multisig/ForwarderShielded.compact b/contracts/src/multisig/ForwarderShielded.compact
index 10289ad7..879f504f 100644
--- a/contracts/src/multisig/ForwarderShielded.compact
+++ b/contracts/src/multisig/ForwarderShielded.compact
@@ -103,7 +103,7 @@ module ForwarderShielded {
    * `sendImmediateShielded` to the stored parent recipient (always the
    * `left` / coin-public-key arm today).
    *
-   * @circuitInfo k=15, rows=18573
+   * @circuitInfo k=15, rows=24446
    *
    * Requirements:
    *
diff --git a/contracts/src/multisig/ForwarderUnshielded.compact b/contracts/src/multisig/ForwarderUnshielded.compact
index 754935e1..992ff5bb 100644
--- a/contracts/src/multisig/ForwarderUnshielded.compact
+++ b/contracts/src/multisig/ForwarderUnshielded.compact
@@ -105,7 +105,7 @@ module ForwarderUnshielded {
    * forwards it to `_parent` via `sendUnshielded` (always the `right` /
    * user-address arm today).
    *
-   * @circuitInfo k=9, rows=436
+   * @circuitInfo k=10, rows=565
    *
    * Requirements:
    *
diff --git a/contracts/src/multisig/ProposalManager.compact b/contracts/src/multisig/ProposalManager.compact
index cdbe4ab9..14a23692 100644
--- a/contracts/src/multisig/ProposalManager.compact
+++ b/contracts/src/multisig/ProposalManager.compact
@@ -12,12 +12,33 @@ pragma language_version >= 0.23.0;
  * Recipient type with a RecipientKind tag. Typed helper circuits
  * provide safe construction of recipients without exposing the
  * internal Bytes<32> representation to consumers.
+ *
+ * @warning PROPOSALS ARE PUBLIC. `_proposals` is exported ledger state, so
+ * every proposal's recipient address, token color, amount, and status is
+ * readable off-chain, and `_nextProposalId` reveals how many have been created.
+ * This holds regardless of which treasury a consumer composes: pairing this
+ * module with `ShieldedTreasuryStateless` still publishes the full intent of
+ * every transfer, even though the transfer itself is shielded. The transfer is
+ * private; the plan is not.
+ *
+ * @notice `RecipientKind` is the only thing distinguishing what a recipient's
+ * 32 bytes mean, the same value is read as a Zswap coin public key, a contract
+ * address, or a user address depending on the tag. `Contract` is accepted by
+ * both `toShieldedRecipient` and `toUnshieldedRecipient`, so the tag alone does
+ * not determine the rail; a consumer composing both treasuries could route the
+ * same proposal either way.
  */
 module ProposalManager {
   import CompactStandardLibrary;
 
   // ─── Types ──────────────────────────────────────────────────────
 
+  /**
+   * @description Proposal lifecycle states. `Inactive` is the zero value and is
+   * never stored: `_createProposal` writes `Active`, and every view asserts the
+   * proposal exists before reading, so a stored proposal can never read
+   * `Inactive`.
+   */
   export enum ProposalStatus {
     Inactive,
     Active,
@@ -176,6 +197,19 @@ module ProposalManager {
   /**
    * @description Creates a new proposal.
    *
+   * @warning The recipient is NOT validated beyond being well-typed. Two
+   * consequences the consumer must handle:
+   *
+   * - A `kind` the execution rail cannot accept (an `UnshieldedUser` recipient
+   *   on a shielded treasury, say) creates a proposal that passes here and then
+   *   reverts in `toShieldedRecipient` at execution. It stays `Active` and
+   *   unexecutable on that rail until `_cancelProposal` retires it.
+   * - A zero or otherwise unspendable `address` is accepted, and funds sent to
+   *   it on execution are unrecoverable.
+   *
+   * @notice `_nextProposalId` is incremented and then read back for the map key,
+   * making this a pinned read-modify-write.
+   *
    * @notice Access control is NOT enforced here.
    * The consuming contract must gate this behind its own
    * authorization policy.
diff --git a/contracts/src/multisig/ShieldedTreasury.compact b/contracts/src/multisig/ShieldedTreasury.compact
index d18b579a..bad12133 100644
--- a/contracts/src/multisig/ShieldedTreasury.compact
+++ b/contracts/src/multisig/ShieldedTreasury.compact
@@ -18,6 +18,19 @@ pragma language_version >= 0.23.0;
  * purposes. The canonical balance query is `getTokenBalance`, which
  * reads the actual coin value from the UTXO map.
  *
+ * @warning This treasury's HOLDINGS ARE PUBLIC. `_coins` is exported ledger
+ * state, so every coin it holds is readable off-chain in plaintext (nonce,
+ * color, value, and Merkle index) as are the cumulative `_received` and
+ * `_sent` totals. "Shielded" here refers to the token rail, not to the
+ * treasury's balance: individual transfers are shielded, but what this
+ * contract holds is not. Anyone can observe the treasury's balance per color
+ * and identify the exact UTXO backing it.
+ *
+ * Storing the coin is what buys the convenience: the contract can spend later
+ * without the caller supplying the UTXO. If public holdings are unacceptable,
+ * use `ShieldedTreasuryStateless`, which stores nothing and has the operator
+ * supply the coin at spend time.
+ *
  * Underscore-prefixed circuits (_deposit, _send) have no access control
  * enforcement. The consuming contract must gate these behind its own
  * authorization policy.
@@ -42,9 +55,13 @@ module ShieldedTreasury {
    * The coin is then merged with any existing coin of the same color,
    * or inserted as a new entry if no coin of that color exists.
    *
-   * Zero-value deposits are permitted. While currently a no-op
-   * economically, they may serve as signaling mechanisms when events
-   * are supported, or as decoy transactions for privacy.
+   * Zero-value deposits are permitted and are not always a no-op. On a color the
+   * treasury does not yet hold, a zero-value coin is inserted and occupies that
+   * color's single slot until a later deposit merges into it; if a coin of that
+   * color already exists, the zero merges into it via `mergeCoinImmediate` and
+   * the stored value is unchanged. They may serve as signaling mechanisms when
+   * events are supported. They are not useful as privacy decoys, this
+   * treasury's holdings are public (see the module header).
    *
    * @notice Access control is NOT enforced here.
    * The consuming contract must gate this behind its own
@@ -92,6 +109,12 @@ module ShieldedTreasury {
    * belongs to the treasury and must not be re-spent by the caller (doing
    * so would double-spend the recorded coin).
    *
+   * @notice The returned `ShieldedSendResult` carries the sent and change coins
+   * in plaintext, so sinking it (returning it from an entry point, writing it
+   * to ledger, passing it cross-contract) discloses them. `_coins` publishes only
+   * the retained change coin, and nothing at all when the send leaves no change,
+   * so the sent coin's plaintext is disclosed beyond anything in public state.
+   *
    * @notice Access control is NOT enforced here.
    * The consuming contract must gate this behind its own
    * authorization policy.
@@ -194,6 +217,13 @@ module ShieldedTreasury {
    * and cumulative sent totals for a color. Should equal
    * `getTokenBalance` if accounting is consistent.
    *
+   * @notice The subtraction is unguarded. `_send` cannot drive the sent total
+   * past the received total. Change re-insertion never increments `_received`
+   * so the invariant holds for any consumer that goes through `_deposit` and
+   * `_send`. A consumer that writes the exported `_coins` directly can break
+   * it, and this circuit then fails as an unprovable range violation rather
+   * than a named assert.
+   *
    * @param {Bytes<32>} color - The token color.
    *
    * @returns {Uint<128>} Received minus sent.
diff --git a/contracts/src/multisig/ShieldedTreasuryStateless.compact b/contracts/src/multisig/ShieldedTreasuryStateless.compact
index b123e17e..e8139f1b 100644
--- a/contracts/src/multisig/ShieldedTreasuryStateless.compact
+++ b/contracts/src/multisig/ShieldedTreasuryStateless.compact
@@ -4,19 +4,35 @@
 pragma language_version >= 0.23.0;
 
 /**
- * @module ShieldedTreasury
- * @description Manages shielded (private) token deposits, accounting,
- * and transfers for multisig governance contracts.
+ * @module ShieldedTreasuryStateless
+ * @description Manages shielded (private) token deposits and transfers for
+ * multisig governance contracts, without any ledger state.
  *
- * Coins are stored on the contract ledger in a map keyed by token color,
- * with one UTXO per color. Deposits are merged with existing coins of
- * the same color via `mergeCoinImmediate`. This simplifies coin selection
- * at spend time — the executor doesn't need to choose between multiple
- * UTXOs of the same color.
+ * This module holds NO state: no coin map, no balances, no received/sent
+ * totals. Deposits call `receiveShielded` only, and spends take the coin as a
+ * circuit parameter. The operator discovers coin indices from `ZswapOutput`
+ * events via the indexer, constructs the `QualifiedShieldedCoinInfo` off-chain,
+ * and supplies it at spend time. Coin data therefore never reaches the public
+ * ledger, and there is no on-chain balance to query — contrast
+ * `ShieldedTreasury`, which stores one merged UTXO per color and tracks
+ * cumulative totals.
  *
- * Cumulative received and sent totals are tracked per color for audit
- * purposes. The canonical balance query is `getTokenBalance`, which
- * reads the actual coin value from the UTXO map.
+ * @notice Because nothing is tracked on-chain, this module cannot detect a
+ * double spend or a coin it does not own; the protocol rejects both at
+ * application time. Sufficiency is likewise enforced by `sendShielded` rather
+ * than by an assert here.
+ *
+ * @notice "No ledger state" is not the same as "unobservable". A coin
+ * commitment is a hash of the coin's data, so `sendShielded` can link a coin
+ * receive to its later spend; `_send` declares that disclosure on the
+ * consumer's behalf. Consumers that need to make the trade-off themselves
+ * should note it is only declared here for convenience — it could be moved to
+ * the caller. Separately, see `_send`'s warning about its return value, which
+ * carries coin plaintext.
+ *
+ * Underscore-prefixed circuits (_deposit, _send) have no access control
+ * enforcement. The consuming contract must gate these behind its own
+ * authorization policy.
  */
 module ShieldedTreasuryStateless {
   import CompactStandardLibrary;
@@ -40,13 +56,24 @@ module ShieldedTreasuryStateless {
    * Executes the shielded send and returns the result untouched.
    * `sendShielded` already routes any change back to this contract as a
    * self-owned output, so `result.change` is a live, spendable coin. The
-   * implementing contract chooses what to do with it: persist it and pass
-   * it back as the `coin` for a later spend, or spend it onward to a
+   * implementing contract chooses what to do with it: retain it off-chain and
+   * pass it back as the `coin` for a later spend, or spend it onward to a
    * different recipient in the same transaction via `sendImmediateShielded`.
    * (Re-spending change is only meaningful when it goes somewhere other than
    * self — `sendShielded` already routes it to self.) No balance or
    * received/sent accounting is tracked on the ledger.
    *
+   * @warning The returned `ShieldedSendResult` holds the sent and change coins
+   * in plaintext (`nonce`, `color`, `value`). Consuming it in-circuit is safe
+   * (passing `result.change` to `sendImmediateShielded`, for instance). Returning
+   * it from your entry point, writing it to ledger, or passing it to another
+   * contract publishes those coin details, including the amount left over from
+   * the coin that was spent. Note the compiler will NOT stop you: the
+   * `disclose` calls below clear the witness taint, so such a return compiles
+   * with no `disclose` of your own and no marker at the disclosure site. If you
+   * do not need in-circuit change handling, ignore the result. The change is
+   * recoverable off-chain from the transaction's private proving state.
+   *
    * @notice Access control is NOT enforced here.
    * The consuming contract must gate this behind its own
    * authorization policy.
@@ -72,9 +99,11 @@ module ShieldedTreasuryStateless {
     // `_send` returns it untouched: it must not re-spend the change here and
     // then hand that same (now-nullified) coin back via `result.change`. That
     // is the double spend a node rejects on the next spend. The implementing
-    // contract decides what to do with the returned change: persist it and
-    // spend it later, or route it onward itself. The rule is only that the
-    // change must never be re-spent AND still treated as held.
+    // contract decides what to do with the returned change: retain it off-chain
+    // and spend it later, or route it onward itself. The rule is only that the
+    // change must never be re-spent AND still treated as held. "Retain" means
+    // off-chain. This module keeps no state, and writing the coin to ledger
+    // would publish its nonce, color, and value.
     return result;
   }
 }
diff --git a/contracts/src/multisig/presets/ShieldedMultiSigV3.compact b/contracts/src/multisig/presets/ShieldedMultiSigV3.compact
index 23d6ba81..8780101e 100644
--- a/contracts/src/multisig/presets/ShieldedMultiSigV3.compact
+++ b/contracts/src/multisig/presets/ShieldedMultiSigV3.compact
@@ -20,7 +20,7 @@ pragma language_version >= 0.23.0;
  *
  * - `mint` creates a new UTXO via `mintShieldedToken`, addressed to the
  *   contract. No external coin input; supply is produced on-chain.
- * - `burn` consumes a UTXO via `sendShielded` to `burnAddress()`. Only
+ * - `burn` consumes a UTXO via `sendShielded` to `shieldedBurnAddress()`. Only
  *   coins of this contract's token type can be burned. Change is handled
  *   automatically by the transaction layer.
  *
@@ -194,7 +194,7 @@ export circuit mint(
  * @description Burns a shielded coin of this contract's token type,
  * authorized by threshold signatures.
  *
- * Sends the specified amount of the supplied coin to `burnAddress()` via
+ * Sends the specified amount of the supplied coin to `shieldedBurnAddress()` via
  * `sendShielded`. The nullifier is submitted on-chain, permanently marking
  * the UTXO as spent.
  *