diff --git a/packages/programs-react/package.json b/packages/programs-react/package.json
index 2d207f5b3..0baa592be 100644
--- a/packages/programs-react/package.json
+++ b/packages/programs-react/package.json
@@ -28,6 +28,7 @@
   },
   "dependencies": {
     "@ethdebug/format": "^0.1.0-0",
+    "@ethdebug/pointers": "^0.1.0-0",
     "@shikijs/langs": "^2.5.0",
     "@shikijs/themes": "^2.5.0",
     "shiki": "^2.5.0"
diff --git a/packages/programs-react/src/components/TraceContext.tsx b/packages/programs-react/src/components/TraceContext.tsx
index a5201bfd0..c21874722 100644
--- a/packages/programs-react/src/components/TraceContext.tsx
+++ b/packages/programs-react/src/components/TraceContext.tsx
@@ -7,14 +7,17 @@ import React, {
   useContext,
   useState,
   useCallback,
+  useEffect,
   useMemo,
 } from "react";
-import type { Program } from "@ethdebug/format";
+import type { Pointer, Program } from "@ethdebug/format";
+import { dereference, Data } from "@ethdebug/pointers";
 import {
   type TraceStep,
   extractVariablesFromInstruction,
   buildPcToInstructionMap,
 } from "#utils/mockTrace";
+import { traceStepToMachineState } from "#utils/traceState";
 
 /**
  * A variable with its resolved value.
@@ -93,10 +96,50 @@ export interface TraceProviderProps {
   program: Program;
   /** Initial step index (default: 0) */
   initialStepIndex?: number;
+  /** Pointer templates for dereference (default: {}) */
+  templates?: Pointer.Templates;
+  /** Whether to resolve variable values (default: true) */
+  resolveVariables?: boolean;
   /** Children to render */
   children: React.ReactNode;
 }
 
+/**
+ * Resolve a single variable's pointer against machine
+ * state, returning the hex-formatted value.
+ */
+async function resolveVariableValue(
+  pointer: Pointer,
+  step: TraceStep,
+  templates: Pointer.Templates,
+): Promise<string> {
+  const state = traceStepToMachineState(step);
+  const cursor = await dereference(pointer, {
+    state,
+    templates,
+  });
+  const view = await cursor.view(state);
+
+  // Collect values from all regions
+  const values: Data[] = [];
+  for (const region of view.regions) {
+    const data = await view.read(region);
+    values.push(data);
+  }
+
+  if (values.length === 0) {
+    return "0x";
+  }
+
+  // Single region: return its hex value
+  if (values.length === 1) {
+    return values[0].toHex();
+  }
+
+  // Multiple regions: concatenate hex values
+  return values.map((d) => d.toHex()).join(", ");
+}
+
 /**
  * Provides trace context to child components.
  */
@@ -104,6 +147,8 @@ export function TraceProvider({
   trace,
   program,
   initialStepIndex = 0,
+  templates = {},
+  resolveVariables: shouldResolve = true,
   children,
 }: TraceProviderProps): JSX.Element {
   const [currentStepIndex, setCurrentStepIndex] = useState(
@@ -120,23 +165,81 @@ export function TraceProvider({
     ? pcToInstruction.get(currentStep.pc)
     : undefined;
 
-  // Extract variables from current instruction
-  const currentVariables = useMemo(() => {
+  // Extract variable metadata (synchronous)
+  const extractedVars = useMemo(() => {
     if (!currentInstruction) {
       return [];
     }
+    return extractVariablesFromInstruction(currentInstruction);
+  }, [currentInstruction]);
+
+  // Async variable resolution
+  const [currentVariables, setCurrentVariables] = useState<ResolvedVariable[]>(
+    [],
+  );
+
+  useEffect(() => {
+    if (extractedVars.length === 0) {
+      setCurrentVariables([]);
+      return;
+    }
 
-    const vars = extractVariablesFromInstruction(currentInstruction);
-    return vars.map((v) => ({
+    // Immediately show variables with no values
+    const initial: ResolvedVariable[] = extractedVars.map((v) => ({
       identifier: v.identifier,
       type: v.type,
       pointer: v.pointer,
-      // Value resolution would require the full @ethdebug/pointers machinery
-      // For now we just show the variable metadata
       value: undefined,
       error: undefined,
     }));
-  }, [currentInstruction]);
+    setCurrentVariables(initial);
+
+    if (!shouldResolve || !currentStep) {
+      return;
+    }
+
+    // Track whether effect is still current
+    let cancelled = false;
+
+    // Resolve each variable with a pointer in parallel
+    const resolved = [...initial];
+    const promises = extractedVars.map(async (v, index) => {
+      if (!v.pointer) {
+        return;
+      }
+
+      try {
+        const value = await resolveVariableValue(
+          v.pointer as Pointer,
+          currentStep,
+          templates,
+        );
+        if (!cancelled) {
+          resolved[index] = {
+            ...resolved[index],
+            value,
+          };
+          setCurrentVariables([...resolved]);
+        }
+      } catch (err) {
+        if (!cancelled) {
+          resolved[index] = {
+            ...resolved[index],
+            error: err instanceof Error ? err.message : String(err),
+          };
+          setCurrentVariables([...resolved]);
+        }
+      }
+    });
+
+    Promise.all(promises).catch(() => {
+      // Individual errors already handled above
+    });
+
+    return () => {
+      cancelled = true;
+    };
+  }, [extractedVars, currentStep, shouldResolve, templates]);
 
   const stepForward = useCallback(() => {
     setCurrentStepIndex((prev) => Math.min(prev + 1, trace.length - 1));
diff --git a/packages/programs-react/src/index.ts b/packages/programs-react/src/index.ts
index aa32365c2..599e8ff1c 100644
--- a/packages/programs-react/src/index.ts
+++ b/packages/programs-react/src/index.ts
@@ -57,6 +57,7 @@ export {
   type ContextThunk,
   type FindSourceRangeOptions,
   type ResolverOptions,
+  traceStepToMachineState,
   type TraceStep,
   type MockTraceSpec,
 } from "#utils/index";
diff --git a/packages/programs-react/src/utils/index.ts b/packages/programs-react/src/utils/index.ts
index 9e24ab67b..5f750e9a0 100644
--- a/packages/programs-react/src/utils/index.ts
+++ b/packages/programs-react/src/utils/index.ts
@@ -21,3 +21,5 @@ export {
   type TraceStep,
   type MockTraceSpec,
 } from "./mockTrace.js";
+
+export { traceStepToMachineState } from "./traceState.js";
diff --git a/packages/programs-react/src/utils/traceState.ts b/packages/programs-react/src/utils/traceState.ts
new file mode 100644
index 000000000..8b5643a6d
--- /dev/null
+++ b/packages/programs-react/src/utils/traceState.ts
@@ -0,0 +1,144 @@
+/**
+ * Adapter for converting TraceStep to Machine.State.
+ *
+ * Bridges the trace data from programs-react into the
+ * Machine.State interface required by @ethdebug/pointers
+ * for pointer dereferencing.
+ */
+
+import { type Machine, Data } from "@ethdebug/pointers";
+import type { TraceStep } from "./mockTrace.js";
+
+/**
+ * Convert a TraceStep into a Machine.State suitable for
+ * pointer dereferencing.
+ *
+ * @param step - The trace step with EVM state
+ * @returns A Machine.State backed by the step's data
+ */
+export function traceStepToMachineState(step: TraceStep): Machine.State {
+  // Build stack entries (Data objects, 32-byte padded)
+  const stackEntries = (step.stack || []).map((entry) =>
+    typeof entry === "string"
+      ? Data.fromHex(entry).padUntilAtLeast(32)
+      : Data.fromUint(entry).padUntilAtLeast(32),
+  );
+
+  // Parse memory from hex string
+  const memoryData = step.memory ? Data.fromHex(step.memory) : Data.zero();
+
+  // Build storage map (normalized 32-byte keys)
+  const storageMap = new Map<string, Data>();
+  for (const [slot, value] of Object.entries(step.storage || {})) {
+    const key = Data.fromHex(slot).padUntilAtLeast(32).toHex();
+    storageMap.set(key, Data.fromHex(value).padUntilAtLeast(32));
+  }
+
+  const stack: Machine.State.Stack = {
+    get length() {
+      return Promise.resolve(BigInt(stackEntries.length));
+    },
+    async peek({ depth, slice }) {
+      const index = Number(depth);
+      if (index >= stackEntries.length) {
+        throw new Error(
+          `Stack underflow: depth ${depth} ` +
+            `exceeds stack size ${stackEntries.length}`,
+        );
+      }
+      const entry = stackEntries[index];
+      if (!slice) {
+        return entry;
+      }
+      const { offset, length } = slice;
+      return Data.fromBytes(
+        entry.slice(Number(offset), Number(offset + length)),
+      );
+    },
+  };
+
+  const memory = makeBytesReader(memoryData);
+
+  const storage: Machine.State.Words = {
+    async read({ slot, slice }) {
+      const key = slot.padUntilAtLeast(32).toHex();
+      const value = storageMap.get(key) || Data.zero().padUntilAtLeast(32);
+      if (!slice) {
+        return value;
+      }
+      const { offset, length } = slice;
+      return Data.fromBytes(
+        value.slice(Number(offset), Number(offset + length)),
+      );
+    },
+  };
+
+  // Returndata from the step, if available
+  const returndataData = step.returndata
+    ? Data.fromHex(step.returndata)
+    : Data.zero();
+
+  return {
+    get traceIndex() {
+      return Promise.resolve(0n);
+    },
+    get programCounter() {
+      return Promise.resolve(BigInt(step.pc));
+    },
+    get opcode() {
+      return Promise.resolve(step.opcode);
+    },
+    stack,
+    memory,
+    storage,
+    calldata: makeBytesReader(Data.zero()),
+    returndata: makeBytesReader(returndataData),
+    code: makeBytesReader(Data.zero()),
+    transient: makeEmptyWordsReader(),
+  };
+}
+
+/**
+ * Create a Machine.State.Bytes reader from a Data buffer.
+ */
+function makeBytesReader(data: Data): Machine.State.Bytes {
+  return {
+    get length() {
+      return Promise.resolve(BigInt(data.length));
+    },
+    async read({ slice }) {
+      const { offset, length } = slice;
+      const start = Number(offset);
+      const end = start + Number(length);
+      if (end > data.length) {
+        // Zero-pad reads beyond the buffer
+        const result = new Uint8Array(Number(length));
+        const available = Math.max(0, data.length - start);
+        if (available > 0 && start < data.length) {
+          result.set(data.slice(start, start + available), 0);
+        }
+        return Data.fromBytes(result);
+      }
+      return Data.fromBytes(data.slice(start, end));
+    },
+  };
+}
+
+/**
+ * Create an empty Machine.State.Words reader (returns
+ * zero for all slots).
+ */
+function makeEmptyWordsReader(): Machine.State.Words {
+  return {
+    async read({ slice }) {
+      const value = Data.zero().padUntilAtLeast(32);
+      if (!slice) {
+        return value;
+      }
+      const { offset, length } = slice;
+      return Data.fromBytes(
+        value.slice(Number(offset), Number(offset + length)),
+      );
+    },
+  };
+}