best idea to make 16 led rings around my 16 encoders?

[benwadub]

hello, what would be the best approach to make 16 led ring to my working rotary encoders?
with shift register that would make an amount of 32 74hc595 and use fast led to have 16 led for each encoder, does the teensy 4 could manage all this with the existing 2 mcp23017.
is there an easiest way to do it that I didn't t know the existence?

[benwadub]

Update i fou d that with rgb less that could be more easy