[edit] I guess that database would get hammered pretty hard on every request, unless you use caching... which might be what you're getting at.
One would think it gets stored in the database, but man all these hashes are so slow to generate. And which library are we using again for that? bcrypt? scrypt? Seems unnecessarily slow. I bet SHA256 is good 'nuff, and way faster.
Lets just meanwhile call the cloud consultant to move this to a separate service.
Have you heard the good word about AWS Cognito? I heard its web scale.
Nah, too expensive, we should just write our own real quick how hard can it be..
I've seen them in http-only cookies which is sent with every request but not inspectable by js. The server can automatically refresh the token every-so-often transparently without the client even being aware or able to influence it in any way.