Why does that have to be global? You can still pass it around. If you don't want to clobber registers, you can still put it in a struct. I don't imagine you are trying to avoid the overhead of dereferencing a pointer.
As another comment said, global state is allowed. It just has to be proven thread-safe via Rust's Send and Sync traits, and 'static lifetime. I've used things like LazyLock and ArcSwap to achieve this in the past.