A long overdue, but nonetheless significant security update is coming in WordPress 6.8.
The underlying algorithm that’s used to hash and store user passwords in the database will be changed in WordPress 6.8 from phpass portable hashing to bcrypt. The adoption of bcrypt hardens password security in WordPress by significantly increasing the computational cost of cracking a password hash.
In addition, application passwords, user password reset keys, personal data request keys, and the recovery mode key will switch from using phpass to the cryptographically secure but fast BLAKE2b hashing algorithm via Sodium.