diff --git a/modules/mesh-vault/cmd/mesh-vault/intake.go b/modules/mesh-vault/cmd/mesh-vault/intake.go
index f37d4378..b8a03715 100644
--- a/modules/mesh-vault/cmd/mesh-vault/intake.go
+++ b/modules/mesh-vault/cmd/mesh-vault/intake.go
@@ -224,6 +224,9 @@ const ProcessSecretPrefix = "broker-"
 // `broker-<process id>`. The vault cannot tell core or moved from a module's manifest; the controller, which can, is the
 // only caller that may hand one in, and the name keeps what it hands to these.
 func Covered(secret string) bool {
+	if _, _, ok := ledgerAccountOf(secret); ok {
+		return true
+	}
 	parts := strings.Split(secret, "/")
 	if len(parts) != 4 || parts[0] != "own" {
 		return false
diff --git a/modules/mesh-vault/cmd/mesh-vault/ledgers.go b/modules/mesh-vault/cmd/mesh-vault/ledgers.go
index 287019f1..e329ed5b 100644
--- a/modules/mesh-vault/cmd/mesh-vault/ledgers.go
+++ b/modules/mesh-vault/cmd/mesh-vault/ledgers.go
@@ -11,7 +11,9 @@ package main
 
 import (
 	"encoding/json"
+	"fmt"
 	"sort"
+	"strings"
 
 	"git.novox.be/novox/mesh-sdk/go/buscompose"
 )
@@ -67,3 +69,71 @@ func (v *Vault) ensureLedgers(node string) {
 	}
 	v.log("made %s as {}: no ledger account is held for its machine yet", secret)
 }
+
+// ledgerAccountPrefix starts the name a ledger account is kept under: `ledger/<machine>/<module>`. It is the account's
+// own record, never an own secret (so `own` hands no module its ledger account); the machine's `ledgers` is made of them.
+const ledgerAccountPrefix = "ledger/"
+
+// LedgerAccountSecret is the vault's name of the credential of the ledger account of module on node.
+func LedgerAccountSecret(node, module string) (string, error) {
+	for what, v := range map[string]string{"the machine": node, "the module": module} {
+		if !namePart.MatchString(v) {
+			return "", fmt.Errorf("%s %q is not a name the mesh writes", what, v)
+		}
+	}
+	return ledgerAccountPrefix + node + "/" + module, nil
+}
+
+// ledgerAccountOf says secret is a ledger account's name, with its machine and module.
+func ledgerAccountOf(secret string) (node, module string, ok bool) {
+	parts := strings.Split(secret, "/")
+	if len(parts) != 3 || parts[0] != "ledger" || !namePart.MatchString(parts[1]) || !namePart.MatchString(parts[2]) {
+		return "", "", false
+	}
+	return parts[1], parts[2], true
+}
+
+// rewriteLedgers makes node's `ledgers` of the ledger accounts that stand: held, not retired, and wanted (once the wanted
+// accounts are read whole; before that every one held stands, so a start never drops what it has not heard yet). It
+// says `secret-changed` only when the map changed.
+func (v *Vault) rewriteLedgers(node string) {
+	v.minting.ledgersMu.Lock()
+	defer v.minting.ledgersMu.Unlock()
+	secret, err := ledgersSecret(node)
+	if err != nil {
+		v.log("%s's ledgers are not rewritten: %v", node, err)
+		return
+	}
+	records, err := v.Store.ListPrefix(ledgerAccountPrefix + node + "/")
+	if err != nil {
+		v.log("%s is not rewritten, the ledger accounts of %s could not be read: %v", secret, node, err)
+		return
+	}
+	v.minting.mu.Lock()
+	read := v.minting.retiring.wantsRead
+	v.minting.mu.Unlock()
+	standing := map[string]json.RawMessage{}
+	for _, r := range records {
+		_, module, ok := ledgerAccountOf(r.Name)
+		if !ok || r.Retired != nil {
+			continue
+		}
+		if _, wanted := v.wanted("ledger." + node + "." + module); read && !wanted {
+			continue
+		}
+		value, err := openAtRest(r, v)
+		if err != nil || !BusAccountValue(r.Name, value) {
+			v.log("%s is not an account the vault can open, so it is left out of %s", r.Name, secret)
+			continue
+		}
+		standing[module] = json.RawMessage(value)
+	}
+	raw, err := json.Marshal(standing)
+	if err != nil {
+		v.log("%s is not rewritten: %v", secret, err)
+		return
+	}
+	if _, err := v.keepLocked(secret, string(raw), "the vault", "", OriginMade, keepOptions{}); err != nil {
+		v.log("%s is NOT REWRITTEN (%d ledger accounts stand): %v", secret, len(standing), err)
+	}
+}
diff --git a/modules/mesh-vault/cmd/mesh-vault/ledgers_test.go b/modules/mesh-vault/cmd/mesh-vault/ledgers_test.go
index ec8e424c..3ded3b55 100644
--- a/modules/mesh-vault/cmd/mesh-vault/ledgers_test.go
+++ b/modules/mesh-vault/cmd/mesh-vault/ledgers_test.go
@@ -53,9 +53,20 @@ func ledgersOf(t *testing.T, v testVault, priv string) (map[string]json.RawMessa
 func changesOf(v testVault, since int, name string) int {
 	n := 0
 	for _, e := range v.bus.events[since:] {
-		if e["event"] == ChangedEvent && e["name"] == name {
+		if body, _ := e["body"].(map[string]any); e["event"] == ChangedEvent && body["name"] == name {
 			n++
 		}
 	}
 	return n
 }
+
+// redacted says a credential's shape without its password, for a failure message.
+func redacted(raw json.RawMessage) string {
+	var c map[string]any
+	if json.Unmarshal(raw, &c) != nil {
+		return "not JSON"
+	}
+	delete(c, "password")
+	out, _ := json.Marshal(c)
+	return string(out)
+}
diff --git a/modules/mesh-vault/cmd/mesh-vault/mint.go b/modules/mesh-vault/cmd/mesh-vault/mint.go
index 21ed60cb..c550b8c9 100644
--- a/modules/mesh-vault/cmd/mesh-vault/mint.go
+++ b/modules/mesh-vault/cmd/mesh-vault/mint.go
@@ -59,6 +59,8 @@ type minting struct {
 	retiring retiring
 	// mintMu keeps one mint at a time: a want heard, the switch turning on, and issue-account.
 	mintMu sync.Mutex
+	// ledgersMu keeps one rewrite of a machine's `ledgers` at a time (ledgers.go).
+	ledgersMu sync.Mutex
 }
 
 // Minted is what one mint did: the account and its secret, never its value or its hash.
@@ -169,7 +171,11 @@ func (v *Vault) busAccount(secret, value string) bool {
 }
 
 // AccountSecret is the vault's name of the own secret a wanted account is held in.
+// A ledger account is the exception: it is kept as LedgerAccountSecret, and its machine's `ledgers` is made of it.
 func AccountSecret(w buscompose.WantedAccount) (string, error) {
+	if w.Kind == buscompose.KindLedger {
+		return LedgerAccountSecret(w.Node, w.Module)
+	}
 	return OwnSecret(w.Node, w.Module, w.OwnSecret())
 }
 
@@ -199,6 +205,10 @@ func (v *Vault) WantHeard(user string, raw []byte, deleted bool) {
 	if _, err := v.mintWanted(w, "the grants part's want of "+user); err != nil {
 		v.log("%s is not minted: %v", user, err)
 	}
+	if w.Kind == buscompose.KindLedger {
+		// Wanted again, or held already: the machine's ledgers say what is wanted now (nothing said when unchanged).
+		v.rewriteLedgers(w.Node)
+	}
 }
 
 // errHeldBack is a want the vault does not mint now, with why: not an error of the vault.
@@ -306,7 +316,12 @@ func (v *Vault) mintOnce(w buscompose.WantedAccount, by string) (Minted, error)
 			}
 		}
 	}
-	v.announce(c)
+	if w.Kind == buscompose.KindLedger {
+		// A ledger account is no own secret of its module: its machine's `ledgers` is rewritten and says secret-changed.
+		v.rewriteLedgers(w.Node)
+	} else {
+		v.announce(c)
+	}
 	v.minting.mu.Lock()
 	if v.minting.minted == nil {
 		v.minting.minted = map[string]Minted{}
diff --git a/modules/mesh-vault/cmd/mesh-vault/mint_test.go b/modules/mesh-vault/cmd/mesh-vault/mint_test.go
index edd36ba1..e380c69d 100644
--- a/modules/mesh-vault/cmd/mesh-vault/mint_test.go
+++ b/modules/mesh-vault/cmd/mesh-vault/mint_test.go
@@ -4,6 +4,7 @@ import (
 	"encoding/json"
 	"strings"
 	"testing"
+	"time"
 
 	"git.novox.be/novox/mesh-sdk/go/buscompose"
 	"git.novox.be/novox/mesh-sdk/go/seal"
@@ -102,10 +103,10 @@ func TestTheVaultMintsAWantedAccountOnceAndNothingItHolds(t *testing.T) {
 	t.Run("ledgers", func(t *testing.T) {
 		for _, c := range []struct {
 			name string
-			run  func(t *testing.T, v testVault, priv string)
+			run  func(t *testing.T, v testVault, accounts *fakeAccounts, priv string)
 		}{
 			// 1966/AC24 (issue 1966 V1): a machine carrying node-tools, with no ledger account, has `ledgers` as {}.
-			{"an empty ledgers on a machine with node-tools", func(t *testing.T, v testVault, priv string) {
+			{"an empty ledgers on a machine with node-tools", func(t *testing.T, v testVault, accounts *fakeAccounts, priv string) {
 				if _, ok := ledgersOf(t, v, priv); ok {
 					t.Fatal("ledgers is there before node-tools is wanted")
 				}
@@ -122,10 +123,83 @@ func TestTheVaultMintsAWantedAccountOnceAndNothingItHolds(t *testing.T) {
 					t.Errorf("a second pass said secret-changed %d times for a value that did not change", n)
 				}
 			}},
+			// 1966/AC25 (issue 1966 V2): wanted ledger accounts for m and k on a machine are minted and hashed like every
+			// kind, kept together in the machine's `ledgers`, each mint said once as a change of `ledgers` and never of
+			// the account's own record.
+			{"ledger accounts minted into ledgers", func(t *testing.T, v testVault, accounts *fakeAccounts, priv string) {
+				tools := nodeToolsWant("ace")
+				v.WantHeard(tools.User, wantRaw(t, tools), false)
+				v.LedgersPass()
+				for i, module := range []string{"m", "k"} {
+					w := ledgerWant("ace", module)
+					before := len(v.bus.events)
+					v.WantHeard(w.User, wantRaw(t, w), false)
+					if n := changesOf(v, before, "own/ace/node-tools/ledgers"); n != 1 {
+						t.Errorf("minting %s said secret-changed %d times for ledgers, want once", module, n)
+					}
+					if n := eventsNamed(v, before, ChangedEvent); n != 1 {
+						t.Errorf("minting %s said %d secret-changed in all, want the one of ledgers", module, n)
+					}
+					got, _ := ledgersOf(t, v, priv)
+					if len(got) != i+1 {
+						t.Fatalf("after %s ledgers holds %d credentials, want %d", module, len(got), i+1)
+					}
+				}
+				got, _ := ledgersOf(t, v, priv)
+				for _, module := range []string{"m", "k"} {
+					var cred struct{ User, Password string }
+					if err := json.Unmarshal(got[module], &cred); err != nil || cred.User != "ledger.ace."+module || len(cred.Password) != 40 {
+						t.Fatalf("ledgers[%s] is %s (%v)", module, redacted(got[module]), err)
+					}
+					if !accounts.hashOf(cred.User, cred.Password, 1) {
+						t.Errorf("%s's hash is not in bus-accounts or not of the minted password", cred.User)
+					}
+					if _, held, _ := v.Store.Read("own/ace/" + module + "/ledgers"); held {
+						t.Errorf("the ledger account of %s is also kept as an own secret of its module", module)
+					}
+				}
+			}},
+			// 1966/AC26: m's wanted key deleted: m leaves ledgers at once, its hash is retired within ADR 0230's bounds,
+			// k stays; wanted again, m is back in ledgers.
+			{"a ledger account no longer wanted leaves ledgers", func(t *testing.T, v testVault, accounts *fakeAccounts, priv string) {
+				clock := time.Date(2026, 11, 3, 9, 0, 0, 0, time.UTC)
+				v.Now = func() time.Time { return clock }
+				for _, w := range []buscompose.WantedAccount{nodeToolsWant("ace"), ledgerWant("ace", "m"), ledgerWant("ace", "k")} {
+					v.WantHeard(w.User, wantRaw(t, w), false)
+				}
+				v.WantsRead()
+				before := len(v.bus.events)
+				v.WantHeard("ledger.ace.m", nil, true)
+				got, _ := ledgersOf(t, v, priv)
+				if _, in := got["m"]; in || len(got) != 1 {
+					t.Fatalf("after m's want went, ledgers holds %d credentials, m among them: %v", len(got), in)
+				}
+				if n := changesOf(v, before, "own/ace/node-tools/ledgers"); n != 1 {
+					t.Errorf("m's retirement said secret-changed %d times for ledgers, want once", n)
+				}
+				for i := 0; i < 6; i++ {
+					clock = clock.Add(3 * time.Minute)
+					v.RetirePass()
+				}
+				if _, ok := accounts.keys["ledger.ace.m"]; ok {
+					t.Errorf("m's hash is still in bus-accounts: %+v", v.RetireState())
+				}
+				if _, ok := accounts.keys["ledger.ace.k"]; !ok {
+					t.Error("k's hash was retired with m's")
+				}
+				if got, _ := ledgersOf(t, v, priv); len(got) != 1 {
+					t.Errorf("the retirement changed ledgers to %d credentials", len(got))
+				}
+				w := ledgerWant("ace", "m")
+				v.WantHeard(w.User, wantRaw(t, w), false)
+				if got, _ := ledgersOf(t, v, priv); len(got) != 2 || accounts.keys["ledger.ace.m"].Hash == "" {
+					t.Errorf("wanted again, m is not back in ledgers (%d) with its hash", len(got))
+				}
+			}},
 		} {
 			t.Run(c.name, func(t *testing.T) {
-				v, _, priv := mintingVault(t)
-				c.run(t, v, priv)
+				v, accounts, priv := mintingVault(t)
+				c.run(t, v, accounts, priv)
 			})
 		}
 	})
diff --git a/modules/mesh-vault/cmd/mesh-vault/retire.go b/modules/mesh-vault/cmd/mesh-vault/retire.go
index 6cdb489a..ce1007b7 100644
--- a/modules/mesh-vault/cmd/mesh-vault/retire.go
+++ b/modules/mesh-vault/cmd/mesh-vault/retire.go
@@ -16,6 +16,8 @@ import (
 	"sort"
 	"strings"
 	"time"
+
+	"git.novox.be/novox/mesh-sdk/go/buscompose"
 )
 
 // retiring is what the passes keep of the accounts no longer wanted, under minting.mu.
@@ -64,9 +66,14 @@ func (v *Vault) WantsRead() {
 // wantGone is a wanted account's key deleted: forgotten as wanted, its retirement left to the passes.
 func (v *Vault) wantGone(user string) {
 	v.minting.mu.Lock()
-	defer v.minting.mu.Unlock()
+	gone, was := v.minting.wants[user]
 	delete(v.minting.wants, user)
 	delete(v.minting.heldBack, user)
+	v.minting.mu.Unlock()
+	if was && gone.Kind == buscompose.KindLedger {
+		// Its credential leaves the machine's ledgers at once; its hash is retired by the passes, as every kind's.
+		v.rewriteLedgers(gone.Node)
+	}
 }
 
 // wantBack is a wanted account's key written: a retired account of it is re-enabled at once.
@@ -221,6 +228,9 @@ func (v *Vault) retireOne(user, why, by string) error {
 	v.minting.mu.Lock()
 	v.minting.retiring.retired = append(v.minting.retiring.retired, user)
 	v.minting.mu.Unlock()
+	if node, _, ok := ledgerAccountOf(a.Of); ok {
+		v.rewriteLedgers(node)
+	}
 	v.log("retired the bus account %s (%s): its hash is out of %s and its value kept, marked; %s", user, a.Of,
 		BusAccountsState, why)
 	return nil