For rich text, we use a library called linkify-it, which assists with the tokenization, then we we join those tokens, wrapping segments with native components (e.g. View, Text, etc.). I'm not a big fan of the linkify-it library, because I think the interface is awkward and unintuitive,

but I think the pattern of parsing the text within the mobile app, then rendering with native components is probably the move. As far as parsing/tokenizing, I would consider doing it yourself from scratch, but there are also some libs out there to assist.

Searchcaster