diff --git a/codegen/masm/src/codegen/emit/mem.rs b/codegen/masm/src/codegen/emit/mem.rs
index 4791afb88..786fdefb5 100644
--- a/codegen/masm/src/codegen/emit/mem.rs
+++ b/codegen/masm/src/codegen/emit/mem.rs
@@ -49,7 +49,7 @@ impl<'a> OpEmitter<'a> {
         let ptr = self.stack.pop().expect("operand stack is empty");
         match ptr.ty() {
             Type::Ptr(_) => {
-                // Converet the pointer to a native pointer representation
+                // Convert the pointer to a native pointer representation
                 self.emit_native_ptr();
                 match &ty {
                     Type::I128 => self.load_quad_word(None),
diff --git a/codegen/masm/src/emulator/memory.rs b/codegen/masm/src/emulator/memory.rs
new file mode 100644
index 000000000..1eb01db5f
--- /dev/null
+++ b/codegen/masm/src/emulator/memory.rs
@@ -0,0 +1,59 @@
+use std::{
+    collections::BTreeSet,
+    fmt::Debug,
+    ops::{Index, IndexMut},
+};
+
+use miden_core::FieldElement;
+use midenc_hir::Felt;
+
+const EMPTY_WORD: [Felt; 4] = [Felt::ZERO; 4];
+
+pub struct Memory {
+    memory: Vec<[Felt; 4]>,
+    set_memory_addrs: BTreeSet<usize>,
+}
+
+impl Memory {
+    pub fn new(memory_size: usize) -> Self {
+        Self {
+            memory: vec![EMPTY_WORD; memory_size],
+            set_memory_addrs: Default::default(),
+        }
+    }
+
+    pub fn len(&self) -> usize {
+        self.memory.len()
+    }
+
+    pub fn reset(&mut self) {
+        for addr in self.set_memory_addrs.iter() {
+            self.memory[*addr] = EMPTY_WORD;
+        }
+        self.set_memory_addrs = Default::default();
+    }
+}
+
+impl Index<usize> for Memory {
+    type Output = [Felt; 4];
+
+    fn index(&self, index: usize) -> &Self::Output {
+        &self.memory[index]
+    }
+}
+
+impl IndexMut<usize> for Memory {
+    fn index_mut(&mut self, index: usize) -> &mut Self::Output {
+        self.set_memory_addrs.insert(index);
+        &mut self.memory[index]
+    }
+}
+
+impl Debug for Memory {
+    fn fmt(&self, f: &mut std::fmt::Formatter<'_>) -> std::fmt::Result {
+        for addr in self.set_memory_addrs.iter() {
+            write!(f, "{}: {:?}, ", addr, self[*addr])?;
+        }
+        Ok(())
+    }
+}
diff --git a/codegen/masm/src/emulator/mod.rs b/codegen/masm/src/emulator/mod.rs
index b1ae25e58..c3c80e6d1 100644
--- a/codegen/masm/src/emulator/mod.rs
+++ b/codegen/masm/src/emulator/mod.rs
@@ -2,9 +2,11 @@ mod breakpoints;
 mod debug;
 mod events;
 mod functions;
+mod memory;
 
 use std::{cell::RefCell, cmp, rc::Rc, sync::Arc};
 
+use memory::Memory;
 use miden_assembly::{ast::ProcedureName, LibraryNamespace};
 use midenc_hir::{assert_matches, Felt, FieldElement, FunctionIdent, Ident, OperandStack, Stack};
 use rustc_hash::{FxHashMap, FxHashSet};
@@ -118,7 +120,7 @@ pub struct Emulator {
     locals: FxHashMap<FunctionIdent, Addr>,
     modules_loaded: FxHashMap<Ident, Arc<Module>>,
     modules_pending: FxHashSet<Ident>,
-    memory: Vec<[Felt; 4]>,
+    memory: Memory,
     stack: OperandStack<Felt>,
     advice_stack: OperandStack<Felt>,
     callstack: Vec<Activation>,
@@ -131,17 +133,22 @@ pub struct Emulator {
     clk: usize,
     clk_limit: usize,
     entrypoint: Option<FunctionIdent>,
+    print_trace: bool,
 }
 impl Default for Emulator {
     fn default() -> Self {
-        Self::new(Self::DEFAULT_HEAP_SIZE, Self::DEFAULT_HEAP_START, Self::DEFAULT_LOCALS_START)
+        Self::new(
+            Self::DEFAULT_HEAP_SIZE,
+            Self::DEFAULT_HEAP_START,
+            Self::DEFAULT_LOCALS_START,
+            false,
+        )
     }
 }
 impl Emulator {
     pub const DEFAULT_HEAP_SIZE: u32 = (4 * Self::PAGE_SIZE) / 16;
     pub const DEFAULT_HEAP_START: u32 = (2 * Self::PAGE_SIZE) / 16;
     pub const DEFAULT_LOCALS_START: u32 = (3 * Self::PAGE_SIZE) / 16;
-    const EMPTY_WORD: [Felt; 4] = [Felt::ZERO; 4];
     const PAGE_SIZE: u32 = 64 * 1024;
 
     /// Construct a new, empty emulator with:
@@ -149,8 +156,8 @@ impl Emulator {
     /// * A linear memory heap of `memory_size` words
     /// * The start of the usable heap set to `hp` (an address in words)
     /// * The start of the reserved heap used for locals set to `lp` (an address in words)
-    pub fn new(memory_size: u32, hp: u32, lp: u32) -> Self {
-        let memory = vec![Self::EMPTY_WORD; memory_size as usize];
+    pub fn new(memory_size: u32, hp: u32, lp: u32, print_stack: bool) -> Self {
+        let memory = Memory::new(memory_size as usize);
         Self {
             status: Status::Init,
             functions: Default::default(),
@@ -170,6 +177,7 @@ impl Emulator {
             clk: 0,
             clk_limit: usize::MAX,
             entrypoint: None,
+            print_trace: print_stack,
         }
     }
 
@@ -570,7 +578,7 @@ impl Emulator {
     pub fn stop(&mut self) {
         self.callstack.clear();
         self.stack.clear();
-        self.memory = vec![Self::EMPTY_WORD; self.memory.len()];
+        self.memory.reset();
         self.hp = self.hp_start;
         self.lp = self.lp_start;
         self.step_over = None;
@@ -887,7 +895,12 @@ macro_rules! peek_u32 {
 macro_rules! pop_addr {
     ($emu:ident) => {{
         let addr = pop_u32!($emu, "expected valid 32-bit address, got {}") as usize;
-        assert!(addr < $emu.memory.len(), "out of bounds memory access");
+        assert!(
+            addr < $emu.memory.len(),
+            "out of bounds memory access, addr: {}, available memory: {}",
+            addr,
+            $emu.memory.len()
+        );
         addr
     }};
 }
@@ -1241,6 +1254,11 @@ impl Emulator {
         // control flow effect occurred to reach it
         let ix_with_op = state.next();
         if let Some(ix_with_op) = ix_with_op {
+            if self.print_trace {
+                eprintln!("mem: {:?}", self.memory);
+                eprintln!("stk: {}", self.stack.debug());
+                eprintln!("op>: {:?}", ix_with_op.op);
+            }
             match ix_with_op.op {
                 Op::Padw => {
                     self.stack.padw();
diff --git a/codegen/masm/src/tests.rs b/codegen/masm/src/tests.rs
index f3c57c921..bc7b0eeae 100644
--- a/codegen/masm/src/tests.rs
+++ b/codegen/masm/src/tests.rs
@@ -36,13 +36,19 @@ struct TestByEmulationHarness {
 }
 #[allow(unused)]
 impl TestByEmulationHarness {
-    pub fn with_emulator_config(memory_size: usize, hp: usize, lp: usize) -> Self {
+    pub fn with_emulator_config(
+        memory_size: usize,
+        hp: usize,
+        lp: usize,
+        print_stack: bool,
+    ) -> Self {
         let mut harness = Self {
             context: TestContext::default(),
             emulator: Emulator::new(
                 memory_size.try_into().expect("invalid memory size"),
                 hp.try_into().expect("invalid address"),
                 lp.try_into().expect("invalid address"),
+                print_stack,
             ),
         };
         harness.set_cycle_budget(2000);
diff --git a/hir/src/asm/stack.rs b/hir/src/asm/stack.rs
index dc864bc08..7e4bf1480 100644
--- a/hir/src/asm/stack.rs
+++ b/hir/src/asm/stack.rs
@@ -488,7 +488,22 @@ impl<'a, E: StackElement, T: ?Sized + Stack<Element = E>> fmt::Debug for DebugSt
             .finish()
     }
 }
-
+impl<'a, E: StackElement + fmt::Debug, T: ?Sized + Stack<Element = E>> fmt::Display
+    for DebugStack<'a, T>
+{
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result {
+        f.debug_list()
+            .entries(
+                self.stack
+                    .stack()
+                    .iter()
+                    .rev()
+                    .enumerate()
+                    .take(self.limit.unwrap_or(self.stack.len())),
+            )
+            .finish()
+    }
+}
 #[cfg(test)]
 mod tests {
     use super::*;