Swift handles this through the equivalent of Rust's `dyn`. We could have a stable ABI that's based entirely on `dyn`. Such an ABI would have some limitations, since there are traits `dyn` can't represent (anything that's generic over something other than the type that implements the trait, which is quite common), though we're working on some of those.
Essentially, you wouldn't be able to have a `Vec<T>` in your ABI without either pinning down T or using something like `Vec<Box<dyn Trait>>`. Which is possible, but kind of awful.
We're still planning to ship a stable ABI at some point, but that gives a flavor for some of the kinds of problems we'd need to solve in order for that stable ABI to be useful.
(C++ typically handles generics by having types defined in header files, and those get compiled with the program consuming the library, which is effectively the same situation Rust is in. You could export symbols from a shared library for specific instantiation of a template, but people rarely do that.)
An actual stable native Rust ABI sounds like a forward compatibility nightmare.
https://github.com/joshtriplett/rfcs/blob/crabi-v1/text/3470...
It might make sense to have a subset Swift-style stable ABI, but that's a huge engineering effort, has lots of overhead and is also likely not worth it IMHO.