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LLVM and Cranelift are the only backends that Rust has right now. LLVM has a WASM backend as it is but not a complete WASI toolchain, that I'm aware of. LLVM is a bit of a beast to port to unsupported platforms though and that's the weak link. If WASI were able to be generated by any of the backends above, it would be possible to compile the existing Rust compiler to it. This would imply having a std runtime or libc crate so it might need Wasmer to supply that runtime to. Wasmer is written in Rust so it would probably be the most helpful runtime to target.
similar WASM ports of other programming languages opened very attractive new possibilities for browser based IDEs and notebook solutions (see. eg. JupyterLite and similar support in case of rust is well known issue resp. frequently asked user request (see e.g. https://github.com/stackblitz/webcontainer-core/issues/329 )
I'm a big fan of Ben Smith's work. I talked with him back in may 2020 on his wasm-clang repo.