The `registerAsyncHelper` API in the hbs Express view engine bypasses the automatic HTML escaping of Handlebars. During the first render pass, an async helper returns an opaque placeholder that is escaped; however, hbs subsequently replaces this placeholder with the raw callback return value without escaping it. This occurs across cached, uncached, and layout render paths. If an application passes attacker-influenced data, such as user-supplied content from a database, into an async helper callback, it can lead to stored or reflected cross-site scripting (XSS), where arbitrary HTML and JavaScript are injected into the server-rendered page.