diff --git a/Cargo.lock b/Cargo.lock
index 591d136d6a..ed386a0bff 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2223,6 +2223,7 @@ dependencies = [
  "aws-sdk-s3",
  "axum",
  "axum-extra",
+ "base64 0.13.1",
  "call",
  "channel",
  "chrono",
@@ -2272,6 +2273,7 @@ dependencies = [
  "settings",
  "sha2 0.10.7",
  "sqlx",
+ "subtle",
  "telemetry_events",
  "text",
  "theme",
diff --git a/Cargo.toml b/Cargo.toml
index 5aef34228f..963901d40d 100644
--- a/Cargo.toml
+++ b/Cargo.toml
@@ -105,6 +105,7 @@ assets = { path = "crates/assets" }
 assistant = { path = "crates/assistant" }
 audio = { path = "crates/audio" }
 auto_update = { path = "crates/auto_update" }
+base64 = "0.13"
 breadcrumbs = { path = "crates/breadcrumbs" }
 call = { path = "crates/call" }
 channel = { path = "crates/channel" }
@@ -252,6 +253,7 @@ shellexpand = "2.1.0"
 smallvec = { version = "1.6", features = ["union"] }
 smol = "1.2"
 strum = { version = "0.25.0", features = ["derive"] }
+subtle = "2.5.0"
 sysinfo = "0.29.10"
 tempfile = "3.9.0"
 thiserror = "1.0.29"
diff --git a/crates/collab/Cargo.toml b/crates/collab/Cargo.toml
index 0e4df30987..0f4b706b5a 100644
--- a/crates/collab/Cargo.toml
+++ b/crates/collab/Cargo.toml
@@ -23,6 +23,7 @@ aws-config = { version = "1.1.5" }
 aws-sdk-s3 = { version = "1.15.0" }
 axum = { version = "0.6", features = ["json", "headers", "ws"] }
 axum-extra = { version = "0.4", features = ["erased-json"] }
+base64.workspace = true
 chrono.workspace = true
 clock.workspace = true
 clickhouse.workspace = true
@@ -48,6 +49,7 @@ serde_derive.workspace = true
 serde_json.workspace = true
 sha2.workspace = true
 sqlx = { version = "0.7", features = ["runtime-tokio-rustls", "postgres", "json", "time", "uuid", "any"] }
+subtle.workspace = true
 rustc-demangle.workspace = true
 telemetry_events.workspace = true
 text.workspace = true
diff --git a/crates/collab/src/auth.rs b/crates/collab/src/auth.rs
index 59141e252e..26f6ede3d3 100644
--- a/crates/collab/src/auth.rs
+++ b/crates/collab/src/auth.rs
@@ -9,14 +9,15 @@ use axum::{
     response::IntoResponse,
 };
 use prometheus::{exponential_buckets, register_histogram, Histogram};
-use rand::thread_rng;
 use scrypt::{
-    password_hash::{PasswordHash, PasswordHasher, PasswordVerifier, SaltString},
+    password_hash::{PasswordHash, PasswordVerifier},
     Scrypt,
 };
 use serde::{Deserialize, Serialize};
+use sha2::Digest;
 use std::sync::OnceLock;
 use std::{sync::Arc, time::Instant};
+use subtle::ConstantTimeEq;
 
 #[derive(Clone, Debug, Default, PartialEq, Eq)]
 pub struct Impersonator(pub Option<db::User>);
@@ -115,8 +116,7 @@ pub async fn create_access_token(
 ) -> Result<String> {
     const VERSION: usize = 1;
     let access_token = rpc::auth::random_token();
-    let access_token_hash =
-        hash_access_token(&access_token).context("failed to hash access token")?;
+    let access_token_hash = hash_access_token(&access_token);
     let id = db
         .create_access_token(
             user_id,
@@ -132,23 +132,15 @@ pub async fn create_access_token(
     })?)
 }
 
-fn hash_access_token(token: &str) -> Result<String> {
-    // Avoid slow hashing in debug mode.
-    let params = if cfg!(debug_assertions) {
-        scrypt::Params::new(1, 1, 1).unwrap()
-    } else {
-        scrypt::Params::new(14, 8, 1).unwrap()
-    };
-
-    Ok(Scrypt
-        .hash_password(
-            token.as_bytes(),
-            None,
-            params,
-            &SaltString::generate(thread_rng()),
-        )
-        .map_err(anyhow::Error::new)?
-        .to_string())
+/// Hashing prevents anyone with access to the database being able to login.
+/// As the token is randomly generated, we don't need to worry about scrypt-style
+/// protection.
+fn hash_access_token(token: &str) -> String {
+    let digest = sha2::Sha256::digest(token);
+    format!(
+        "$sha256${}",
+        base64::encode_config(digest, base64::URL_SAFE)
+    )
 }
 
 /// Encrypts the given access token with the given public key to avoid leaking it on the way
@@ -190,15 +182,27 @@ pub async fn verify_access_token(
     if token_user_id != user_id {
         return Err(anyhow!("no such access token"))?;
     }
-
-    let db_hash = PasswordHash::new(&db_token.hash).map_err(anyhow::Error::new)?;
     let t0 = Instant::now();
-    let is_valid = Scrypt
-        .verify_password(token.token.as_bytes(), &db_hash)
-        .is_ok();
+
+    let is_valid = if db_token.hash.starts_with("$scrypt$") {
+        let db_hash = PasswordHash::new(&db_token.hash).map_err(anyhow::Error::new)?;
+        Scrypt
+            .verify_password(token.token.as_bytes(), &db_hash)
+            .is_ok()
+    } else {
+        let token_hash = hash_access_token(&token.token);
+        db_token.hash.as_bytes().ct_eq(token_hash.as_ref()).into()
+    };
+
     let duration = t0.elapsed();
     log::info!("hashed access token in {:?}", duration);
     metric_access_token_hashing_time.observe(duration.as_millis() as f64);
+
+    if is_valid && db_token.hash.starts_with("$scrypt$") {
+        let new_hash = hash_access_token(&token.token);
+        db.update_access_token_hash(db_token.id, &new_hash).await?;
+    }
+
     Ok(VerifyAccessTokenResult {
         is_valid,
         impersonator_id: if db_token.impersonated_user_id.is_some() {
@@ -208,3 +212,145 @@ pub async fn verify_access_token(
         },
     })
 }
+
+#[cfg(test)]
+mod test {
+    use rand::thread_rng;
+    use scrypt::password_hash::{PasswordHasher, SaltString};
+    use sea_orm::EntityTrait;
+
+    use super::*;
+    use crate::db::{access_token, NewUserParams};
+
+    #[gpui::test]
+    async fn test_verify_access_token(cx: &mut gpui::TestAppContext) {
+        let test_db = crate::db::TestDb::postgres(cx.executor().clone());
+        let db = test_db.db();
+
+        let user = db
+            .create_user(
+                "example@example.com",
+                false,
+                NewUserParams {
+                    github_login: "example".into(),
+                    github_user_id: 1,
+                },
+            )
+            .await
+            .unwrap();
+
+        let token = create_access_token(&db, user.user_id, None).await.unwrap();
+        assert!(matches!(
+            verify_access_token(&token, user.user_id, &db)
+                .await
+                .unwrap(),
+            VerifyAccessTokenResult {
+                is_valid: true,
+                impersonator_id: None,
+            }
+        ));
+
+        let old_token = create_previous_access_token(user.user_id, None, &db)
+            .await
+            .unwrap();
+
+        let old_token_id = serde_json::from_str::<AccessTokenJson>(&old_token)
+            .unwrap()
+            .id;
+
+        let hash = db
+            .transaction(|tx| async move {
+                Ok(access_token::Entity::find_by_id(old_token_id)
+                    .one(&*tx)
+                    .await?)
+            })
+            .await
+            .unwrap()
+            .unwrap()
+            .hash;
+        assert!(hash.starts_with("$scrypt$"));
+
+        assert!(matches!(
+            verify_access_token(&old_token, user.user_id, &db)
+                .await
+                .unwrap(),
+            VerifyAccessTokenResult {
+                is_valid: true,
+                impersonator_id: None,
+            }
+        ));
+
+        let hash = db
+            .transaction(|tx| async move {
+                Ok(access_token::Entity::find_by_id(old_token_id)
+                    .one(&*tx)
+                    .await?)
+            })
+            .await
+            .unwrap()
+            .unwrap()
+            .hash;
+        assert!(hash.starts_with("$sha256$"));
+
+        assert!(matches!(
+            verify_access_token(&old_token, user.user_id, &db)
+                .await
+                .unwrap(),
+            VerifyAccessTokenResult {
+                is_valid: true,
+                impersonator_id: None,
+            }
+        ));
+
+        assert!(matches!(
+            verify_access_token(&token, user.user_id, &db)
+                .await
+                .unwrap(),
+            VerifyAccessTokenResult {
+                is_valid: true,
+                impersonator_id: None,
+            }
+        ));
+    }
+
+    async fn create_previous_access_token(
+        user_id: UserId,
+        impersonated_user_id: Option<UserId>,
+        db: &Database,
+    ) -> Result<String> {
+        let access_token = rpc::auth::random_token();
+        let access_token_hash = previous_hash_access_token(&access_token)?;
+        let id = db
+            .create_access_token(
+                user_id,
+                impersonated_user_id,
+                &access_token_hash,
+                MAX_ACCESS_TOKENS_TO_STORE,
+            )
+            .await?;
+        Ok(serde_json::to_string(&AccessTokenJson {
+            version: 1,
+            id,
+            token: access_token,
+        })?)
+    }
+
+    fn previous_hash_access_token(token: &str) -> Result<String> {
+        // Avoid slow hashing in debug mode.
+        let params = if cfg!(debug_assertions) {
+            scrypt::Params::new(1, 1, 1).unwrap()
+        } else {
+            scrypt::Params::new(14, 8, 1).unwrap()
+        };
+
+        Ok(Scrypt
+            .hash_password(
+                token.as_bytes(),
+                None,
+                params,
+                &SaltString::generate(thread_rng()),
+            )
+            .map_err(anyhow::Error::new)?
+            .to_string())
+    }
+}
diff --git a/crates/collab/src/db/queries/access_tokens.rs b/crates/collab/src/db/queries/access_tokens.rs
index af58d51a33..f251cdacba 100644
--- a/crates/collab/src/db/queries/access_tokens.rs
+++ b/crates/collab/src/db/queries/access_tokens.rs
@@ -55,4 +55,22 @@ impl Database {
         })
         .await
     }
+
+    /// Retrieves the access token with the given ID.
+    pub async fn update_access_token_hash(
+        &self,
+        id: AccessTokenId,
+        new_hash: &str,
+    ) -> Result<access_token::Model> {
+        self.transaction(|tx| async move {
+            Ok(access_token::Entity::update(access_token::ActiveModel {
+                id: ActiveValue::unchanged(id),
+                hash: ActiveValue::set(new_hash.into()),
+                ..Default::default()
+            })
+            .exec(&*tx)
+            .await?)
+        })
+        .await
+    }
 }
diff --git a/crates/rpc/Cargo.toml b/crates/rpc/Cargo.toml
index a4af21df11..be37140e60 100644
--- a/crates/rpc/Cargo.toml
+++ b/crates/rpc/Cargo.toml
@@ -19,7 +19,7 @@ test-support = ["collections/test-support", "gpui/test-support"]
 [dependencies]
 anyhow.workspace = true
 async-tungstenite = "0.16"
-base64 = "0.13"
+base64.workspace = true
 collections.workspace = true
 futures.workspace = true
 gpui = { workspace = true, optional = true }