diff --git a/.github/actions/setup-rust/action.yml b/.github/actions/setup-rust/action.yml
new file mode 100644
index 0000000000000..bb6044cbf08f1
--- /dev/null
+++ b/.github/actions/setup-rust/action.yml
@@ -0,0 +1,65 @@
+name: 'Rust Setup'
+description: 'Sets up the Rust toolchain for CI'
+inputs:
+  targets:
+    description: 'Comma-separated list of target triples to install for this toolchain'
+    required: false
+  components:
+    description: 'Comma-separated list of components to be additionally installed'
+    required: false
+  skip-install:
+    description: 'Sets environment variables without installing the rust toolchain'
+    required: false
+
+runs:
+  using: 'composite'
+  steps:
+    - name: 'Get toolchain version from file'
+      id: file
+      shell: bash
+      run: echo "toolchain=$(cat ./rust-toolchain)" >> $GITHUB_OUTPUT
+
+    - shell: bash
+      run: |
+        : force toolchain version
+        echo "RUST_TOOLCHAIN=${{ steps.file.outputs.toolchain }}" >> $GITHUB_ENV
+
+    - shell: bash
+      run: |
+        : disable incremental compilation
+        if [ -z "${CARGO_INCREMENTAL+set}" ]; then
+          echo CARGO_INCREMENTAL=0 >> $GITHUB_ENV
+        fi
+
+    - shell: bash
+      run: |
+        : enable colors in Cargo output
+        if [ -z "${CARGO_TERM_COLOR+set}" ]; then
+          echo CARGO_TERM_COLOR=always >> $GITHUB_ENV
+        fi
+
+    - shell: bash
+      run: |
+        : enable rust backtrace
+        if [ -z "${RUST_BACKTRACE+set}" ]; then
+          echo RUST_BACKTRACE=short >> $GITHUB_ENV
+        fi
+
+    - shell: bash
+      run: |
+        : enable faster cargo sparse registry
+        if [ -z "${CARGO_REGISTRIES_CRATES_IO_PROTOCOL+set}" ]; then
+          echo CARGO_REGISTRIES_CRATES_IO_PROTOCOL=sparse >> $GITHUB_ENV
+        fi
+
+    - name: 'Setup Rust toolchain'
+      uses: dtolnay/rust-toolchain@master
+      if: ${{ !inputs.skip-install }}
+      with:
+        toolchain: ${{ steps.file.outputs.toolchain }}
+        targets: ${{ inputs.targets }}
+        components: ${{ inputs.components }}
+
+    - name: 'Add cargo problem matchers'
+      shell: bash
+      run: echo "::add-matcher::${{ github.action_path }}/matchers.json"
diff --git a/.github/actions/setup-rust/matchers.json b/.github/actions/setup-rust/matchers.json
new file mode 100644
index 0000000000000..aff246556a3db
--- /dev/null
+++ b/.github/actions/setup-rust/matchers.json
@@ -0,0 +1,44 @@
+{
+  "problemMatcher": [
+    {
+      "owner": "cargo-common",
+      "pattern": [
+        {
+          "regexp": "^(warning|warn|error)(?:\\[(\\S*)\\])?: (.*)$",
+          "severity": 1,
+          "code": 2,
+          "message": 3
+        },
+        {
+          "regexp": "^(?:[\\s->=]*(.*):(\\d*):(\\d*)|.*)$",
+          "file": 1,
+          "line": 2,
+          "column": 3
+        }
+      ]
+    },
+    {
+      "owner": "cargo-test",
+      "pattern": [
+        {
+          "regexp": "^.*panicked\\s+at\\s+'(.*)',\\s+(.*):(\\d+):(\\d+)$",
+          "message": 1,
+          "file": 2,
+          "line": 3,
+          "column": 4
+        }
+      ]
+    },
+    {
+      "owner": "rustfmt",
+      "pattern": [
+        {
+          "regexp": "^(Diff in (\\S+)) at line (\\d+):",
+          "message": 1,
+          "file": 2,
+          "line": 3
+        }
+      ]
+    }
+  ]
+}
diff --git a/.github/workflows/build_and_deploy.yml b/.github/workflows/build_and_deploy.yml
index 8ca3dd0bda481..5e5cc8b1dec2a 100644
--- a/.github/workflows/build_and_deploy.yml
+++ b/.github/workflows/build_and_deploy.yml
@@ -8,7 +8,6 @@ on:
 env:
   NAPI_CLI_VERSION: 2.14.7
   TURBO_VERSION: 1.9.6
-  RUST_TOOLCHAIN: nightly-2023-03-09
   PNPM_VERSION: 7.24.3
   NODE_MAINTENANCE_VERSION: 16
   NODE_LTS_VERSION: 18
@@ -199,14 +198,11 @@ jobs:
           node-version: ${{ env.NODE_LTS_VERSION }}
           check-latest: true
 
-      - name: Install
-        uses: actions-rs/toolchain@v1
-        if: ${{ !matrix.settings.docker }}
+      - name: Install Rust
+        uses: ./.github/actions/setup-rust
         with:
-          profile: minimal
-          override: true
-          toolchain: ${{ env.RUST_TOOLCHAIN }}
-          target: ${{ matrix.settings.target }}
+          targets: ${{ matrix.settings.target }}
+          skip-install: ${{ !!matrix.settings.docker }}
 
       - name: Cache cargo registry
         uses: actions/cache@v3
@@ -235,7 +231,21 @@ jobs:
         if: ${{ matrix.settings.docker }}
         with:
           image: ${{ matrix.settings.docker }}
-          options: -e RUST_TOOLCHAIN=${{ env.RUST_TOOLCHAIN }} -e NAPI_CLI_VERSION=${{ env.NAPI_CLI_VERSION }} -e TURBO_VERSION=${{ env.TURBO_VERSION }} -e TURBO_TEAM=vercel -e TURBO_TOKEN=${{ secrets.TURBO_TOKEN }} -e TURBO_REMOTE_ONLY=true -v ${{ env.HOME }}/.cargo/git:/root/.cargo/git -v ${{ env.HOME }}/.cargo/registry:/root/.cargo/registry -v ${{ github.workspace }}:/build -w /build
+          options: >-
+            -e RUST_TOOLCHAIN=${{ env.RUST_TOOLCHAIN }}
+            -e CARGO_INCREMENTAL=${{ env.CARGO_INCREMENTAL }}
+            -e CARGO_TERM_COLOR=${{ env.CARGO_TERM_COLOR }}
+            -e RUST_BACKTRACE=${{ env.RUST_BACKTRACE }}
+            -e CARGO_REGISTRIES_CRATES_IO_PROTOCOL=${{ env.CARGO_REGISTRIES_CRATES_IO_PROTOCOL }}
+            -e NAPI_CLI_VERSION=${{ env.NAPI_CLI_VERSION }}
+            -e TURBO_VERSION=${{ env.TURBO_VERSION }}
+            -e TURBO_TEAM=vercel
+            -e TURBO_TOKEN=${{ secrets.TURBO_TOKEN }}
+            -e TURBO_REMOTE_ONLY=true
+            -v ${{ env.HOME }}/.cargo/git:/root/.cargo/git
+            -v ${{ env.HOME }}/.cargo/registry:/root/.cargo/registry
+            -v ${{ github.workspace }}:/build
+            -w /build
           run: ${{ matrix.settings.build }}
 
       - name: 'Build'
@@ -293,12 +303,9 @@ jobs:
           check-latest: true
 
       - name: Install Rust
-        uses: actions-rs/toolchain@v1
+        uses: ./.github/actions/setup-rust
         with:
-          profile: minimal
-          toolchain: ${{ env.RUST_TOOLCHAIN }}
-          override: true
-          target: wasm32-unknown-unknown
+          targets: wasm32-unknown-unknown
 
       - run: npm i -g turbo@${{ env.TURBO_VERSION }} pnpm@${PNPM_VERSION}
 
diff --git a/.github/workflows/build_and_test.yml b/.github/workflows/build_and_test.yml
index 8c7e0e4f0fb1d..9127813622357 100644
--- a/.github/workflows/build_and_test.yml
+++ b/.github/workflows/build_and_test.yml
@@ -9,11 +9,12 @@ on:
 env:
   NAPI_CLI_VERSION: 2.14.7
   TURBO_VERSION: 1.9.6
-  RUST_TOOLCHAIN: nightly-2023-03-09
   PNPM_VERSION: 7.24.3
   NODE_MAINTENANCE_VERSION: 16
   NODE_LTS_VERSION: 18
   TEST_CONCURRENCY: 6
+  # disable backtrace for test snapshots
+  RUST_BACKTRACE: 0
 
   TURBO_TEAM: 'vercel'
   TURBO_REMOTE_ONLY: 'true'
diff --git a/.github/workflows/build_reusable.yml b/.github/workflows/build_reusable.yml
index 666582d176585..4050297d4a73f 100644
--- a/.github/workflows/build_reusable.yml
+++ b/.github/workflows/build_reusable.yml
@@ -31,11 +31,12 @@ on:
 env:
   NAPI_CLI_VERSION: 2.14.7
   TURBO_VERSION: 1.9.6
-  RUST_TOOLCHAIN: nightly-2023-03-09
   PNPM_VERSION: 7.24.3
   NODE_MAINTENANCE_VERSION: 16
   NODE_LTS_VERSION: 18
   TEST_CONCURRENCY: 6
+  # disable backtrace for test snapshots
+  RUST_BACKTRACE: 0
 
   TURBO_TEAM: 'vercel'
   TURBO_REMOTE_ONLY: 'true'
@@ -56,11 +57,14 @@ jobs:
       - run: node -v
       - run: pwd
 
-      - name: Install
-        uses: actions-rs/toolchain@v1
+      - uses: actions/checkout@v3
+        with:
+          fetch-depth: 25
+
+      # local action -> needs to run after checkout
+      - name: Install Rust
+        uses: ./.github/actions/setup-rust
         with:
-          profile: minimal
-          toolchain: ${{ env.RUST_TOOLCHAIN }}
           components: rustfmt, clippy
 
       - name: Install nextest
@@ -71,10 +75,6 @@ jobs:
 
       - run: npm i -g yarn "pnpm@${PNPM_VERSION}" "turbo@${TURBO_VERSION}" "@napi-rs/cli@${NAPI_CLI_VERSION}"
 
-      - uses: actions/checkout@v3
-        with:
-          fetch-depth: 25
-
       # clean up any previous artifacts to avoid hitting disk space limits
       - run: git clean -xdf && rm -rf /tmp/next-repo-*; rm -rf /tmp/next-install-* /tmp/yarn-* /tmp/ncc-cache target && cargo clean
 
diff --git a/.github/workflows/pull_request_stats.yml b/.github/workflows/pull_request_stats.yml
index 77f3acb697283..23016ba4907cb 100644
--- a/.github/workflows/pull_request_stats.yml
+++ b/.github/workflows/pull_request_stats.yml
@@ -7,7 +7,6 @@ name: Generate Pull Request Stats
 env:
   NAPI_CLI_VERSION: 2.14.7
   TURBO_VERSION: 1.9.6
-  RUST_TOOLCHAIN: nightly-2023-03-09
   PNPM_VERSION: 7.24.3
   NODE_MAINTENANCE_VERSION: 16
   NODE_LTS_VERSION: 18
diff --git a/.github/workflows/trigger_release.yml b/.github/workflows/trigger_release.yml
index c0962d685af22..1c36715db4ccd 100644
--- a/.github/workflows/trigger_release.yml
+++ b/.github/workflows/trigger_release.yml
@@ -26,7 +26,6 @@ name: Trigger Release
 env:
   NAPI_CLI_VERSION: 2.14.7
   TURBO_VERSION: 1.9.6
-  RUST_TOOLCHAIN: nightly-2023-03-09
   PNPM_VERSION: 7.24.3
   NODE_MAINTENANCE_VERSION: 16
   NODE_LTS_VERSION: 18