diff --git a/include/qapi/qmp/dispatch.h b/include/qapi/qmp/dispatch.h
index 9fd2b720a7..af8d96c570 100644
--- a/include/qapi/qmp/dispatch.h
+++ b/include/qapi/qmp/dispatch.h
@@ -31,6 +31,7 @@ typedef enum QmpCommandOptions
 typedef struct QmpCommand
 {
     const char *name;
+    /* Runs in coroutine context if QCO_COROUTINE is set */
     QmpCommandFunc *fn;
     QmpCommandOptions options;
     QTAILQ_ENTRY(QmpCommand) node;
diff --git a/monitor/monitor-internal.h b/monitor/monitor-internal.h
index b39e03b744..b55d6df07f 100644
--- a/monitor/monitor-internal.h
+++ b/monitor/monitor-internal.h
@@ -155,7 +155,9 @@ static inline bool monitor_is_qmp(const Monitor *mon)
 
 typedef QTAILQ_HEAD(MonitorList, Monitor) MonitorList;
 extern IOThread *mon_iothread;
-extern QEMUBH *qmp_dispatcher_bh;
+extern Coroutine *qmp_dispatcher_co;
+extern bool qmp_dispatcher_co_shutdown;
+extern bool qmp_dispatcher_co_busy;
 extern QmpCommandList qmp_commands, qmp_cap_negotiation_commands;
 extern QemuMutex monitor_lock;
 extern MonitorList mon_list;
@@ -173,7 +175,7 @@ void monitor_fdsets_cleanup(void);
 
 void qmp_send_response(MonitorQMP *mon, const QDict *rsp);
 void monitor_data_destroy_qmp(MonitorQMP *mon);
-void monitor_qmp_bh_dispatcher(void *data);
+void coroutine_fn monitor_qmp_dispatcher_co(void *data);
 
 int get_monitor_def(int64_t *pval, const char *name);
 void help_cmd(Monitor *mon, const char *name);
diff --git a/monitor/monitor.c b/monitor/monitor.c
index ef68ca9d21..ceffe1a83b 100644
--- a/monitor/monitor.c
+++ b/monitor/monitor.c
@@ -55,8 +55,32 @@ typedef struct {
 /* Shared monitor I/O thread */
 IOThread *mon_iothread;
 
-/* Bottom half to dispatch the requests received from I/O thread */
-QEMUBH *qmp_dispatcher_bh;
+/* Coroutine to dispatch the requests received from I/O thread */
+Coroutine *qmp_dispatcher_co;
+
+/* Set to true when the dispatcher coroutine should terminate */
+bool qmp_dispatcher_co_shutdown;
+
+/*
+ * qmp_dispatcher_co_busy is used for synchronisation between the
+ * monitor thread and the main thread to ensure that the dispatcher
+ * coroutine never gets scheduled a second time when it's already
+ * scheduled (scheduling the same coroutine twice is forbidden).
+ *
+ * It is true if the coroutine is active and processing requests.
+ * Additional requests may then be pushed onto mon->qmp_requests,
+ * and @qmp_dispatcher_co_shutdown may be set without further ado.
+ * @qmp_dispatcher_co_busy must not be woken up in this case.
+ *
+ * If false, you also have to set @qmp_dispatcher_co_busy to true and
+ * wake up @qmp_dispatcher_co after pushing the new requests.
+ *
+ * The coroutine will automatically change this variable back to false
+ * before it yields.  Nobody else may set the variable to false.
+ *
+ * Access must be atomic for thread safety.
+ */
+bool qmp_dispatcher_co_busy;
 
 /*
  * Protects mon_list, monitor_qapi_event_state, coroutine_mon,
@@ -623,9 +647,24 @@ void monitor_cleanup(void)
     }
     qemu_mutex_unlock(&monitor_lock);
 
-    /* QEMUBHs needs to be deleted before destroying the I/O thread */
-    qemu_bh_delete(qmp_dispatcher_bh);
-    qmp_dispatcher_bh = NULL;
+    /*
+     * The dispatcher needs to stop before destroying the I/O thread.
+     *
+     * We need to poll both qemu_aio_context and iohandler_ctx to make
+     * sure that the dispatcher coroutine keeps making progress and
+     * eventually terminates.  qemu_aio_context is automatically
+     * polled by calling AIO_WAIT_WHILE on it, but we must poll
+     * iohandler_ctx manually.
+     */
+    qmp_dispatcher_co_shutdown = true;
+    if (!qatomic_xchg(&qmp_dispatcher_co_busy, true)) {
+        aio_co_wake(qmp_dispatcher_co);
+    }
+
+    AIO_WAIT_WHILE(qemu_get_aio_context(),
+                   (aio_poll(iohandler_get_aio_context(), false),
+                    qatomic_mb_read(&qmp_dispatcher_co_busy)));
+
     if (mon_iothread) {
         iothread_destroy(mon_iothread);
         mon_iothread = NULL;
@@ -649,9 +688,9 @@ void monitor_init_globals_core(void)
      * have commands assuming that context.  It would be nice to get
      * rid of those assumptions.
      */
-    qmp_dispatcher_bh = aio_bh_new(iohandler_get_aio_context(),
-                                   monitor_qmp_bh_dispatcher,
-                                   NULL);
+    qmp_dispatcher_co = qemu_coroutine_create(monitor_qmp_dispatcher_co, NULL);
+    qatomic_mb_set(&qmp_dispatcher_co_busy, true);
+    aio_co_schedule(iohandler_get_aio_context(), qmp_dispatcher_co);
 }
 
 int monitor_init(MonitorOptions *opts, bool allow_hmp, Error **errp)
diff --git a/monitor/qmp.c b/monitor/qmp.c
index e746b3575d..b42f8c6af3 100644
--- a/monitor/qmp.c
+++ b/monitor/qmp.c
@@ -133,6 +133,10 @@ static void monitor_qmp_respond(MonitorQMP *mon, QDict *rsp)
     }
 }
 
+/*
+ * Runs outside of coroutine context for OOB commands, but in
+ * coroutine context for everything else.
+ */
 static void monitor_qmp_dispatch(MonitorQMP *mon, QObject *req)
 {
     QDict *rsp;
@@ -206,43 +210,99 @@ static QMPRequest *monitor_qmp_requests_pop_any_with_lock(void)
     return req_obj;
 }
 
-void monitor_qmp_bh_dispatcher(void *data)
+void coroutine_fn monitor_qmp_dispatcher_co(void *data)
 {
-    QMPRequest *req_obj = monitor_qmp_requests_pop_any_with_lock();
+    QMPRequest *req_obj = NULL;
     QDict *rsp;
     bool need_resume;
     MonitorQMP *mon;
 
-    if (!req_obj) {
-        return;
-    }
+    while (true) {
+        assert(qatomic_mb_read(&qmp_dispatcher_co_busy) == true);
 
-    mon = req_obj->mon;
-    /*  qmp_oob_enabled() might change after "qmp_capabilities" */
-    need_resume = !qmp_oob_enabled(mon) ||
-        mon->qmp_requests->length == QMP_REQ_QUEUE_LEN_MAX - 1;
-    qemu_mutex_unlock(&mon->qmp_queue_lock);
-    if (req_obj->req) {
-        QDict *qdict = qobject_to(QDict, req_obj->req);
-        QObject *id = qdict ? qdict_get(qdict, "id") : NULL;
-        trace_monitor_qmp_cmd_in_band(qobject_get_try_str(id) ?: "");
-        monitor_qmp_dispatch(mon, req_obj->req);
-    } else {
-        assert(req_obj->err);
-        rsp = qmp_error_response(req_obj->err);
-        req_obj->err = NULL;
-        monitor_qmp_respond(mon, rsp);
-        qobject_unref(rsp);
-    }
+        /*
+         * Mark the dispatcher as not busy already here so that we
+         * don't miss any new requests coming in the middle of our
+         * processing.
+         */
+        qatomic_mb_set(&qmp_dispatcher_co_busy, false);
+
+        while (!(req_obj = monitor_qmp_requests_pop_any_with_lock())) {
+            /*
+             * No more requests to process.  Wait to be reentered from
+             * handle_qmp_command() when it pushes more requests, or
+             * from monitor_cleanup() when it requests shutdown.
+             */
+            if (!qmp_dispatcher_co_shutdown) {
+                qemu_coroutine_yield();
+
+                /*
+                 * busy must be set to true again by whoever
+                 * rescheduled us to avoid double scheduling
+                 */
+                assert(qatomic_xchg(&qmp_dispatcher_co_busy, false) == true);
+            }
+
+            /*
+             * qmp_dispatcher_co_shutdown may have changed if we
+             * yielded and were reentered from monitor_cleanup()
+             */
+            if (qmp_dispatcher_co_shutdown) {
+                return;
+            }
+        }
 
-    if (need_resume) {
-        /* Pairs with the monitor_suspend() in handle_qmp_command() */
-        monitor_resume(&mon->common);
-    }
-    qmp_request_free(req_obj);
+        if (qatomic_xchg(&qmp_dispatcher_co_busy, true) == true) {
+            /*
+             * Someone rescheduled us (probably because a new requests
+             * came in), but we didn't actually yield. Do that now,
+             * only to be immediately reentered and removed from the
+             * list of scheduled coroutines.
+             */
+            qemu_coroutine_yield();
+        }
 
-    /* Reschedule instead of looping so the main loop stays responsive */
-    qemu_bh_schedule(qmp_dispatcher_bh);
+        /*
+         * Move the coroutine from iohandler_ctx to qemu_aio_context for
+         * executing the command handler so that it can make progress if it
+         * involves an AIO_WAIT_WHILE().
+         */
+        aio_co_schedule(qemu_get_aio_context(), qmp_dispatcher_co);
+        qemu_coroutine_yield();
+
+        mon = req_obj->mon;
+        /* qmp_oob_enabled() might change after "qmp_capabilities" */
+        need_resume = !qmp_oob_enabled(mon) ||
+            mon->qmp_requests->length == QMP_REQ_QUEUE_LEN_MAX - 1;
+        qemu_mutex_unlock(&mon->qmp_queue_lock);
+        if (req_obj->req) {
+            QDict *qdict = qobject_to(QDict, req_obj->req);
+            QObject *id = qdict ? qdict_get(qdict, "id") : NULL;
+            trace_monitor_qmp_cmd_in_band(qobject_get_try_str(id) ?: "");
+            monitor_qmp_dispatch(mon, req_obj->req);
+        } else {
+            assert(req_obj->err);
+            rsp = qmp_error_response(req_obj->err);
+            req_obj->err = NULL;
+            monitor_qmp_respond(mon, rsp);
+            qobject_unref(rsp);
+        }
+
+        if (need_resume) {
+            /* Pairs with the monitor_suspend() in handle_qmp_command() */
+            monitor_resume(&mon->common);
+        }
+        qmp_request_free(req_obj);
+
+        /*
+         * Yield and reschedule so the main loop stays responsive.
+         *
+         * Move back to iohandler_ctx so that nested event loops for
+         * qemu_aio_context don't start new monitor commands.
+         */
+        aio_co_schedule(iohandler_get_aio_context(), qmp_dispatcher_co);
+        qemu_coroutine_yield();
+    }
 }
 
 static void handle_qmp_command(void *opaque, QObject *req, Error *err)
@@ -303,7 +363,9 @@ static void handle_qmp_command(void *opaque, QObject *req, Error *err)
     qemu_mutex_unlock(&mon->qmp_queue_lock);
 
     /* Kick the dispatcher routine */
-    qemu_bh_schedule(qmp_dispatcher_bh);
+    if (!qatomic_xchg(&qmp_dispatcher_co_busy, true)) {
+        aio_co_wake(qmp_dispatcher_co);
+    }
 }
 
 static void monitor_qmp_read(void *opaque, const uint8_t *buf, int size)
diff --git a/qapi/qmp-dispatch.c b/qapi/qmp-dispatch.c
index 5677ba92ca..9a2d7dd29a 100644
--- a/qapi/qmp-dispatch.c
+++ b/qapi/qmp-dispatch.c
@@ -12,12 +12,16 @@
  */
 
 #include "qemu/osdep.h"
+
+#include "block/aio.h"
 #include "qapi/error.h"
 #include "qapi/qmp/dispatch.h"
 #include "qapi/qmp/qdict.h"
 #include "qapi/qmp/qjson.h"
 #include "sysemu/runstate.h"
 #include "qapi/qmp/qbool.h"
+#include "qemu/coroutine.h"
+#include "qemu/main-loop.h"
 
 static QDict *qmp_dispatch_check_obj(QDict *dict, bool allow_oob,
                                      Error **errp)
@@ -88,6 +92,30 @@ bool qmp_is_oob(const QDict *dict)
         && !qdict_haskey(dict, "execute");
 }
 
+typedef struct QmpDispatchBH {
+    const QmpCommand *cmd;
+    Monitor *cur_mon;
+    QDict *args;
+    QObject **ret;
+    Error **errp;
+    Coroutine *co;
+} QmpDispatchBH;
+
+static void do_qmp_dispatch_bh(void *opaque)
+{
+    QmpDispatchBH *data = opaque;
+
+    assert(monitor_cur() == NULL);
+    monitor_set_cur(qemu_coroutine_self(), data->cur_mon);
+    data->cmd->fn(data->args, data->ret, data->errp);
+    monitor_set_cur(qemu_coroutine_self(), NULL);
+    aio_co_wake(data->co);
+}
+
+/*
+ * Runs outside of coroutine context for OOB commands, but in coroutine
+ * context for everything else.
+ */
 QDict *qmp_dispatch(const QmpCommandList *cmds, QObject *request,
                     bool allow_oob, Monitor *cur_mon)
 {
@@ -153,12 +181,39 @@ QDict *qmp_dispatch(const QmpCommandList *cmds, QObject *request,
         qobject_ref(args);
     }
 
+    assert(!(oob && qemu_in_coroutine()));
     assert(monitor_cur() == NULL);
-    monitor_set_cur(qemu_coroutine_self(), cur_mon);
-
-    cmd->fn(args, &ret, &err);
-
-    monitor_set_cur(qemu_coroutine_self(), NULL);
+    if (!!(cmd->options & QCO_COROUTINE) == qemu_in_coroutine()) {
+        monitor_set_cur(qemu_coroutine_self(), cur_mon);
+        cmd->fn(args, &ret, &err);
+        monitor_set_cur(qemu_coroutine_self(), NULL);
+    } else {
+       /*
+        * Actual context doesn't match the one the command needs.
+        *
+        * Case 1: we are in coroutine context, but command does not
+        * have QCO_COROUTINE.  We need to drop out of coroutine
+        * context for executing it.
+        *
+        * Case 2: we are outside coroutine context, but command has
+        * QCO_COROUTINE.  Can't actually happen, because we get here
+        * outside coroutine context only when executing a command
+        * out of band, and OOB commands never have QCO_COROUTINE.
+        */
+        assert(!oob && qemu_in_coroutine() && !(cmd->options & QCO_COROUTINE));
+
+        QmpDispatchBH data = {
+            .cur_mon    = cur_mon,
+            .cmd        = cmd,
+            .args       = args,
+            .ret        = &ret,
+            .errp       = &err,
+            .co         = qemu_coroutine_self(),
+        };
+        aio_bh_schedule_oneshot(qemu_get_aio_context(), do_qmp_dispatch_bh,
+                                &data);
+        qemu_coroutine_yield();
+    }
     qobject_unref(args);
     if (err) {
         /* or assert(!ret) after reviewing all handlers: */
diff --git a/qapi/qmp-registry.c b/qapi/qmp-registry.c
index d0f9a1d3e3..58c65b5052 100644
--- a/qapi/qmp-registry.c
+++ b/qapi/qmp-registry.c
@@ -20,6 +20,9 @@ void qmp_register_command(QmpCommandList *cmds, const char *name,
 {
     QmpCommand *cmd = g_malloc0(sizeof(*cmd));
 
+    /* QCO_COROUTINE and QCO_ALLOW_OOB are incompatible for now */
+    assert(!((options & QCO_COROUTINE) && (options & QCO_ALLOW_OOB)));
+
     cmd->name = name;
     cmd->fn = fn;
     cmd->enabled = true;
diff --git a/util/aio-posix.c b/util/aio-posix.c
index 280f27bb99..30f5354b1e 100644
--- a/util/aio-posix.c
+++ b/util/aio-posix.c
@@ -15,6 +15,7 @@
 
 #include "qemu/osdep.h"
 #include "block/block.h"
+#include "qemu/main-loop.h"
 #include "qemu/rcu.h"
 #include "qemu/rcu_queue.h"
 #include "qemu/sockets.h"
@@ -558,8 +559,13 @@ bool aio_poll(AioContext *ctx, bool blocking)
      * There cannot be two concurrent aio_poll calls for the same AioContext (or
      * an aio_poll concurrent with a GSource prepare/check/dispatch callback).
      * We rely on this below to avoid slow locked accesses to ctx->notify_me.
+     *
+     * aio_poll() may only be called in the AioContext's thread. iohandler_ctx
+     * is special in that it runs in the main thread, but that thread's context
+     * is qemu_aio_context.
      */
-    assert(in_aio_context_home_thread(ctx));
+    assert(in_aio_context_home_thread(ctx == iohandler_get_aio_context() ?
+                                      qemu_get_aio_context() : ctx));
 
     qemu_lockcnt_inc(&ctx->list_lock);
 
