I've seen one wasm VM for Rust that offered what looked like transparent M:N, which should solve (in that case) most async difficulties. We'll see how that evolves.
A good candidate for this is Graal. It can compile (JIT/AOT) both WASM and also LLVM bitcode directly so Rust programs can have full hardware/OS access without WASM limitations, and in theory it could allow apps to fully benefit from the work done on Loom and async. The pieces are all there. The main issue is you need to virtualize IO so that it goes back into the JVM, so the JVM controls all the code on the stack at all times. I think Graal can do this but only in the enterprise edition. Then you'd be able to run ~millions of Rust threads.
