diff --git a/tests/test_base.py b/tests/test_base.py
index 5506748d..00da8238 100644
--- a/tests/test_base.py
+++ b/tests/test_base.py
@@ -720,6 +720,60 @@ async def foo():
         self.loop.run_until_complete(foo())
         self.loop.run_until_complete(asyncio.sleep(0.01))
 
+    def test_asyncgen_finalizer_hook_no_stack_capture(self):
+        # The finalizer hook can be invoked from a dealloc while the
+        # interpreter is mid-way through clearing a frame, where debug-mode
+        # source-traceback capture would walk a half-cleared frame and
+        # crash. Handles created while the suppression flag is set must not
+        # capture a traceback; normal handles must keep capturing.
+        if self.implementation != 'uvloop':
+            raise unittest.SkipTest('uvloop only')
+
+        from uvloop.loop import _extract_stack_disabled
+
+        self.loop.set_debug(True)
+        try:
+            handle = self.loop.call_soon(lambda: None)
+            self.assertIsNotNone(handle._source_traceback)
+            handle.cancel()
+
+            _extract_stack_disabled.flag = True
+            try:
+                handle = self.loop.call_soon(lambda: None)
+                self.assertIsNone(handle._source_traceback)
+                handle.cancel()
+            finally:
+                _extract_stack_disabled.flag = False
+        finally:
+            self.loop.set_debug(False)
+
+    def test_asyncgen_finalizer_hook_flag_reentrant(self):
+        # The hook must save/restore the suppression flag, not set/clear it:
+        # allocations inside the hook can trigger a GC that re-enters it on
+        # the same thread, and a clobbering reset would reopen the unsafe
+        # window for the outer invocation.
+        if self.implementation != 'uvloop':
+            raise unittest.SkipTest('uvloop only')
+
+        from uvloop.loop import _extract_stack_disabled
+
+        async def waiter():
+            yield 1
+
+        async def make_agen():
+            agen = waiter()
+            await agen.asend(None)
+            return agen
+
+        agen = self.loop.run_until_complete(make_agen())
+        _extract_stack_disabled.flag = True  # simulate an outer invocation
+        try:
+            self.loop._asyncgen_finalizer_hook(agen)
+            self.assertTrue(_extract_stack_disabled.flag)
+        finally:
+            _extract_stack_disabled.flag = False
+        self.loop.run_until_complete(asyncio.sleep(0.01))
+
     def test_inf_wait_for(self):
         async def foo():
             await asyncio.sleep(0.1)
diff --git a/uvloop/cbhandles.pyx b/uvloop/cbhandles.pyx
index 00070816..1f9e25ac 100644
--- a/uvloop/cbhandles.pyx
+++ b/uvloop/cbhandles.pyx
@@ -416,10 +416,23 @@ cdef new_MethodHandle3(Loop loop, str name, method3_t callback, object context,
     return handle
 
 
+class _ExtractStackDisabled(threading_local):
+    # Per-thread: True while handles are created from the asyncgen finalizer
+    # hook, which a dealloc can invoke while CPython is mid-way through
+    # clearing the current frame; sys._getframe() would then dereference the
+    # half-cleared frame and crash the interpreter.
+    flag = False
+
+
+_extract_stack_disabled = _ExtractStackDisabled()
+
+
 cdef extract_stack():
     """Replacement for traceback.extract_stack() that only does the
     necessary work for asyncio debug mode.
     """
+    if _extract_stack_disabled.flag:
+        return None
     try:
         f = sys_getframe()
     # sys._getframe() might raise ValueError if being called without a frame, e.g.
@@ -433,6 +446,10 @@ cdef extract_stack():
         stack = tb_StackSummary.extract(tb_walk_stack(f),
                                         limit=DEBUG_STACK_DEPTH,
                                         lookup_lines=False)
+    except (AttributeError, ValueError, TypeError):
+        # walk_stack can encounter non-frame objects, e.g. py3.14 surfaces
+        # _asyncio.TaskStepMethWrapper, which has no f_back (#715).
+        return None
     finally:
         f = None
 
diff --git a/uvloop/includes/stdlib.pxi b/uvloop/includes/stdlib.pxi
index 5fff4ad8..2f4f2fd1 100644
--- a/uvloop/includes/stdlib.pxi
+++ b/uvloop/includes/stdlib.pxi
@@ -139,6 +139,7 @@ cdef int ssl_SSL_ERROR_WANT_WRITE = ssl.SSL_ERROR_WANT_WRITE
 cdef int ssl_SSL_ERROR_SYSCALL = ssl.SSL_ERROR_SYSCALL
 
 cdef threading_Thread = threading.Thread
+cdef threading_local = threading.local
 cdef threading_main_thread = threading.main_thread
 
 cdef int subprocess_PIPE = subprocess.PIPE
diff --git a/uvloop/loop.pyx b/uvloop/loop.pyx
index e20d956d..3a526c94 100644
--- a/uvloop/loop.pyx
+++ b/uvloop/loop.pyx
@@ -3195,7 +3195,16 @@ cdef class Loop:
     def _asyncgen_finalizer_hook(self, agen):
         self._asyncgens.discard(agen)
         if not self.is_closed():
-            self.call_soon_threadsafe(self.create_task, agen.aclose())
+            # Frame walking is unsafe in this hook; see
+            # _ExtractStackDisabled in cbhandles.pyx. Save/restore (not
+            # set/clear): an allocation below can trigger a GC that
+            # re-enters this hook on the same thread.
+            prev = _extract_stack_disabled.flag
+            _extract_stack_disabled.flag = True
+            try:
+                self.call_soon_threadsafe(self.create_task, agen.aclose())
+            finally:
+                _extract_stack_disabled.flag = prev
 
     def _asyncgen_firstiter_hook(self, agen):
         if self._asyncgens_shutdown_called: