diff --git a/packages/data/src/cache/functions/hashing/blob-to-hash.ts b/packages/data/src/cache/functions/hashing/blob-to-hash.ts
index 47f2df29..af397af6 100644
--- a/packages/data/src/cache/functions/hashing/blob-to-hash.ts
+++ b/packages/data/src/cache/functions/hashing/blob-to-hash.ts
@@ -1,26 +1,77 @@
 // © 2026 Adobe. MIT License. See /LICENSE for details.
-import { createSHA256 } from "hash-wasm";
 
-export async function blobToHash(blob: Blob): Promise<string> {
-  const hasher = await createSHA256();
-  hasher.init();
+// Performance assumptions
+// -----------------------
+// Blobs hashed here are frequently NOT fully in memory (disk- or
+// stream-backed), so each `reader.read()` is genuine I/O latency, not a
+// microtask hop over resident bytes. This makes the path I/O-bound, and the
+// design optimizes for overlapping those waits across concurrent calls:
+//
+//   - A single WASM hasher instance is reused for every call (instantiation
+//     is not free, and we don't want one per call).
+//   - Concurrency is achieved via hash-wasm's resumable save()/load() rather
+//     than a pool of instances: each call keeps its own `state` and only
+//     touches the shared instance in synchronous critical sections, so calls
+//     interleave at `read()` without serializing or corrupting each other.
+//
+// The trade-off is a save()/load() pair per chunk (cheap for SHA-256). If
+// blobs were instead known to be fully in memory, this would be compute-bound,
+// the I/O overlap would buy nothing, and buffering then hashing synchronously
+// (one init→update→digest block, no await) would suffice.
+//
+// Note on the "single global hasher" decision: even compute-bound, extra
+// instances would NOT help on this thread. WASM has no threads of its own and
+// hasher.update() is synchronous, so on one JS thread only one hash advances
+// at a time regardless of how many instances exist — a pool buys nothing here.
+// Servicing multiple CPU-bound hashes truly in parallel requires Web Workers,
+// each with its OWN instance on its OWN thread. That is the only thing a second
+// instance is ever good for, and it lives at the worker boundary, not here. So
+// within this thread, one global hasher is strictly correct and loses nothing.
+import { type IHasher, createSHA256 } from "hash-wasm";
 
-  // Encode MIME type as UTF-16LE
-  const tCodes = new Uint16Array(blob.type.length);
-  for (let i = 0; i < blob.type.length; i++) {
-    tCodes[i] = blob.type.charCodeAt(i);
+let hasherPromise: Promise<IHasher> | undefined;
+
+export async function blobToHash(blob: Blob): Promise<string> {
+  if (hasherPromise === undefined) {
+    hasherPromise = createSHA256();
+    // Allow a later call to retry if instantiation failed, rather than
+    // poisoning the module with a permanently-rejected promise.
+    hasherPromise.catch(() => {
+      hasherPromise = undefined;
+    });
   }
-  hasher.update(new Uint8Array(tCodes.buffer));
+  const hasher = await hasherPromise;
+
+  // One shared WASM instance serves all concurrent calls. The instance is
+  // touched only in synchronous init→…→save / load→update→save sequences,
+  // never held across an `await`, so each call carries its own `state` and
+  // their `reader.read()` I/O waits overlap freely without corrupting one
+  // another. See hash-wasm save()/load() resumable hashing.
+  hasher.init();
+  hasher.update(mimeTypeBytes(blob.type));
+  let state = hasher.save();
 
   const reader = blob.stream().getReader();
   let done = false;
   while (!done) {
-    const result = await reader.read();
-    done = result.done === true;
-    if (!done && result.value != null) {
-      hasher.update(result.value);
+    const chunk = await reader.read();
+    done = chunk.done === true;
+    if (!done && chunk.value != null) {
+      hasher.load(state);
+      hasher.update(chunk.value);
+      state = hasher.save();
     }
   }
 
+  hasher.load(state);
   return hasher.digest("hex");
 }
+
+function mimeTypeBytes(type: string): Uint8Array {
+  // Encode MIME type as UTF-16LE
+  const codes = new Uint16Array(type.length);
+  for (let i = 0; i < type.length; i++) {
+    codes[i] = type.charCodeAt(i);
+  }
+  return new Uint8Array(codes.buffer);
+}
diff --git a/packages/data/src/cache/functions/hashing/hashing.test.ts b/packages/data/src/cache/functions/hashing/hashing.test.ts
index a7bb2047..2d695149 100644
--- a/packages/data/src/cache/functions/hashing/hashing.test.ts
+++ b/packages/data/src/cache/functions/hashing/hashing.test.ts
@@ -3,6 +3,43 @@ import { blobToHash } from "./blob-to-hash.js";
 import { jsonToHash } from "./json-to-hash.js";
 import { describe, expect, it } from "vitest";
 
+const bytes = (s: string): Uint8Array => new TextEncoder().encode(s);
+
+// Lets all pending microtasks (and the WASM-instantiation promise) settle, so
+// each in-flight blobToHash call advances to its next `await reader.read()`.
+const flush = (): Promise<void> => new Promise((resolve) => setTimeout(resolve, 0));
+
+// A stand-in Blob whose stream yields `chunks` one `read()` at a time, but only
+// when the test releases each gate. This hands the test control of the exact
+// interleaving across concurrent calls — impossible with a real in-memory Blob,
+// whose reads resolve on their own schedule.
+function gatedBlob(type: string, chunks: Uint8Array[]) {
+  const gates: Array<() => void> = [];
+  let i = 0;
+  const reader = {
+    read: () =>
+      new Promise<ReadableStreamReadResult<Uint8Array>>((resolve) => {
+        gates.push(() =>
+          resolve(
+            i < chunks.length
+              ? { done: false, value: chunks[i++] }
+              : { done: true, value: undefined },
+          ),
+        );
+      }),
+  };
+  return {
+    // Case 1 cast: this implements the only members blobToHash reads off a
+    // Blob — `type` and `stream().getReader().read()`.
+    blob: { type, stream: () => ({ getReader: () => reader }) } as unknown as Blob,
+    releaseNext: (): boolean => {
+      const gate = gates.shift();
+      gate?.();
+      return gate !== undefined;
+    },
+  };
+}
+
 describe("test hashing", () => {
   describe("blobToHash", () => {
     it("should avoid collisions based on content and type", async () => {
@@ -108,6 +145,40 @@ describe("test hashing", () => {
         expect(hash).toMatch(/^[a-f0-9]{64}$/);
       }
     });
+
+    it("interleaved concurrent reads match serial hashes", async () => {
+      const inputs = [
+        { type: "text/plain", chunks: ["alpha-", "one-", "end"] },
+        { type: "application/octet-stream", chunks: ["BETA-", "two-", "END"] },
+        { type: "", chunks: ["g", "amma", "!!!"] },
+      ];
+
+      // Oracle: hash each input serially. SHA-256 is over the byte stream, so a
+      // real Blob of the concatenated chunks yields the same digest the gated
+      // blob must produce regardless of chunk boundaries.
+      const oracle: string[] = [];
+      for (const { type, chunks } of inputs) {
+        oracle.push(await blobToHash(new Blob(chunks, { type })));
+      }
+
+      // Concurrent: start every call, then drive the gates round-robin so the
+      // calls interleave between chunks — the exact pattern that corrupts a
+      // naively shared hasher.
+      const gated = inputs.map(({ type, chunks }) => gatedBlob(type, chunks.map(bytes)));
+      const results = gated.map((g) => blobToHash(g.blob));
+
+      let progressed = true;
+      while (progressed) {
+        await flush();
+        progressed = false;
+        for (const g of gated) {
+          if (g.releaseNext()) progressed = true;
+        }
+      }
+      await flush();
+
+      expect(await Promise.all(results)).toEqual(oracle);
+    });
   });
 
   describe("jsonToHash", () => {