diff --git a/lib/galaxy/config/schemas/tool_shed_config_schema.yml b/lib/galaxy/config/schemas/tool_shed_config_schema.yml
index 2a1eee2b533f..b7b6bfee049e 100644
--- a/lib/galaxy/config/schemas/tool_shed_config_schema.yml
+++ b/lib/galaxy/config/schemas/tool_shed_config_schema.yml
@@ -102,12 +102,12 @@ mapping:
           the repositories and tools within the Tool Shed given that you specify
           the following two config options.
 
-      tool_state_cache_dir:
+      model_cache_dir:
         type: str
-        default: database/tool_state_cache
+        default: database/model_cache
         required: false
         desc: |
-          Cache directory for tool state.
+          Cache directory for Pydantic model objects.
 
       repo_name_boost:
         type: float
diff --git a/lib/tool_shed/managers/tool_state_cache.py b/lib/tool_shed/managers/model_cache.py
similarity index 82%
rename from lib/tool_shed/managers/tool_state_cache.py
rename to lib/tool_shed/managers/model_cache.py
index 010ab288a334..94d23d61a0e0 100644
--- a/lib/tool_shed/managers/tool_state_cache.py
+++ b/lib/tool_shed/managers/model_cache.py
@@ -3,13 +3,28 @@
 from typing import (
     Any,
     Dict,
+    Generic,
     Optional,
+    Type,
+    TypeVar,
 )
 
+from pydantic import BaseModel
+
+from galaxy.util.hash_util import md5_hash_str
+
+
 RAW_CACHED_JSON = Dict[str, Any]
 
 
-class ToolStateCache:
+def hash_model(model_class: Type[BaseModel]) -> str:
+    return md5_hash_str(json.dumps(model_class.model_json_schema()))
+
+
+M = TypeVar("M", bound=BaseModel)
+
+
+class ModelCache(Generic[M]):
     _cache_directory: str
 
     def __init__(self, cache_directory: str):
diff --git a/lib/tool_shed/managers/tools.py b/lib/tool_shed/managers/tools.py
index 2e151e0aa73c..a8b873afd6ca 100644
--- a/lib/tool_shed/managers/tools.py
+++ b/lib/tool_shed/managers/tools.py
@@ -8,6 +8,8 @@
     Tuple,
 )
 
+from pydantic import BaseModel
+
 from galaxy import exceptions
 from galaxy.exceptions import (
     InternalServerError,
@@ -148,12 +150,12 @@ def get_repository_metadata_tool_dict(
 def tool_input_models_cached_for(
     trans: ProvidesRepositoriesContext, trs_tool_id: str, tool_version: str, repository_clone_url: Optional[str] = None
 ) -> ToolParameterBundleModel:
-    tool_state_cache = trans.app.tool_state_cache
-    raw_json = tool_state_cache.get_cache_entry_for(trs_tool_id, tool_version)
+    model_cache = trans.app.model_cache
+    raw_json = model_cache.get_cache_entry_for(trs_tool_id, tool_version)
     if raw_json is not None:
         return tool_parameter_bundle_from_json(raw_json)
     bundle = tool_input_models_for(trans, trs_tool_id, tool_version, repository_clone_url=repository_clone_url)
-    tool_state_cache.insert_cache_entry_for(trs_tool_id, tool_version, bundle.dict())
+    model_cache.insert_cache_entry_for(trs_tool_id, tool_version, bundle.dict())
     return bundle
 
 
diff --git a/lib/tool_shed/structured_app.py b/lib/tool_shed/structured_app.py
index c3eee0c94299..8fd828f9f5e1 100644
--- a/lib/tool_shed/structured_app.py
+++ b/lib/tool_shed/structured_app.py
@@ -3,7 +3,7 @@
 from galaxy.structured_app import BasicSharedApp
 
 if TYPE_CHECKING:
-    from tool_shed.managers.tool_state_cache import ToolStateCache
+    from tool_shed.managers.model_cache import ModelCache
     from tool_shed.repository_registry import Registry as RepositoryRegistry
     from tool_shed.repository_types.registry import Registry as RepositoryTypesRegistry
     from tool_shed.util.hgweb_config import HgWebConfigManager
@@ -17,4 +17,4 @@ class ToolShedApp(BasicSharedApp):
     repository_registry: "RepositoryRegistry"
     hgweb_config_manager: "HgWebConfigManager"
     security_agent: "CommunityRBACAgent"
-    tool_state_cache: "ToolStateCache"
+    model_cache: "ModelCache"
diff --git a/lib/tool_shed/webapp/app.py b/lib/tool_shed/webapp/app.py
index 4083674241a4..e046301497ad 100644
--- a/lib/tool_shed/webapp/app.py
+++ b/lib/tool_shed/webapp/app.py
@@ -33,7 +33,7 @@
 from galaxy.structured_app import BasicSharedApp
 from galaxy.web_stack import application_stack_instance
 from tool_shed.grids.repository_grid_filter_manager import RepositoryGridFilterManager
-from tool_shed.managers.tool_state_cache import ToolStateCache
+from tool_shed.managers.model_cache import ModelCache
 from tool_shed.structured_app import ToolShedApp
 from tool_shed.util.hgweb_config import hgweb_config_manager
 from tool_shed.webapp.model.migrations import verify_database
@@ -84,7 +84,7 @@ def __init__(self, **kwd) -> None:
         self._register_singleton(SharedModelMapping, model)
         self._register_singleton(mapping.ToolShedModelMapping, model)
         self._register_singleton(scoped_session, self.model.context)
-        self.tool_state_cache = ToolStateCache(self.config.tool_state_cache_dir)
+        self.model_cache = ModelCache(self.config.model_cache_dir)
         self.user_manager = self._register_singleton(UserManager, UserManager(self, app_type="tool_shed"))
         self.api_keys_manager = self._register_singleton(ApiKeyManager)
         # initialize the Tool Shed tag handler.
diff --git a/test/unit/tool_shed/_util.py b/test/unit/tool_shed/_util.py
index 3002c6a82fab..755731b018ad 100644
--- a/test/unit/tool_shed/_util.py
+++ b/test/unit/tool_shed/_util.py
@@ -18,7 +18,7 @@
 from galaxy.util import safe_makedirs
 from tool_shed.context import ProvidesRepositoriesContext
 from tool_shed.managers.repositories import upload_tar_and_set_metadata
-from tool_shed.managers.tool_state_cache import ToolStateCache
+from tool_shed.managers.model_cache import ModelCache
 from tool_shed.managers.users import create_user
 from tool_shed.repository_types import util as rt_util
 from tool_shed.repository_types.registry import Registry as RepositoryTypesRegistry
@@ -81,7 +81,7 @@ def __init__(self, temp_directory=None):
         self.config = TestToolShedConfig(temp_directory)
         self.security = IdEncodingHelper(id_secret=self.config.id_secret)
         self.repository_registry = tool_shed.repository_registry.Registry(self)
-        self.tool_state_cache = ToolStateCache(os.path.join(temp_directory, "tool_state_cache"))
+        self.model_cache = ModelCache(os.path.join(temp_directory, "model_cache"))
 
     @property
     def security_agent(self):
diff --git a/test/unit/tool_shed/test_model_cache.py b/test/unit/tool_shed/test_model_cache.py
new file mode 100644
index 000000000000..3be2f9cef9f1
--- /dev/null
+++ b/test/unit/tool_shed/test_model_cache.py
@@ -0,0 +1,36 @@
+from pydantic import BaseModel, ConfigDict
+
+from tool_shed.managers.model_cache import hash_model
+
+
+class Moo(BaseModel):
+    foo: int
+
+
+class MooLike(BaseModel):
+    model_config = ConfigDict(title="Moo")
+    foo: int
+
+
+class NewMoo(BaseModel):
+    model_config = ConfigDict(title="Moo")
+    foo: int
+    new_prop: str
+
+
+def test_hash():
+    hash_moo_1 = hash_model(Moo)
+    hash_moo_2 = hash_model(Moo)
+    assert hash_moo_1 == hash_moo_2
+
+
+def test_hash_by_value():
+    hash_moo_1 = hash_model(Moo)
+    hash_moo_like = hash_model(MooLike)
+    assert hash_moo_1 == hash_moo_like
+
+
+def test_hash_different_on_updates():
+    hash_moo_1 = hash_model(Moo)
+    hash_moo_new = hash_model(NewMoo)
+    assert hash_moo_1 != hash_moo_new