# Polkadot Summit - Foreign Assets on Asset Hub \[notes and discussion\]

**URL:** <https://forum.polkadot.network/t/polkadot-summit-foreign-assets-on-asset-hub-notes-and-discussion/3449>\
**Category:** Ecosystem\
**Created:** [July 18, 2023, 1:02pm UTC](https://forum.polkadot.network/t/polkadot-summit-foreign-assets-on-asset-hub-notes-and-discussion/3449 "2023-07-18T13:02:43Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![Sacha](https://dub1.discourse-cdn.com/flex005/user_avatar/forum.polkadot.network/sacha/32/5018_2.png) [@Sacha](https://forum.polkadot.network/u/Sacha)\
**Post date:** [July 18, 2023, 1:02pm UTC](https://forum.polkadot.network/t/polkadot-summit-foreign-assets-on-asset-hub-notes-and-discussion/3449/1 "2023-07-18T13:02:43Z")

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**Estimated # of attendees:** 30  
**Attendees/key participants:** Iker and Joe (leads), Ricardo (moderator), Sacha (note taker)  
**Date and location of session** : June 26 2023, Copenhagen

The session kicked off with a presentation from @IkerParity, stepping through the new  
Foreign Assets Pallet and, by extension, the direction on the intended use of the Asset Hub(s), followed by an open Q&A with @joepetrowski.

### **Thank you to everyone who participated. Let’s use this thread to share the discussion points with the rest of the community and gather any additional insight or comments that I may’ve missed during my note taking.**

## Overview

In a nutshell the pallet:

- Defines assets by multilocation
- Asset ID expresses its “home”
- Is useful for custodians, bridges, and other parachains

Implications for parachains:

- Asset hub allows teleports of sibling parachain assets to/from the native parachain
- Asset hub doesn’t not recognize a reserve location for any assets
- Parachains need to configure XCM config

**Key message** : this pallet exists already on the Asset Hub, we want to see what the community thinks about the proposed direction and start using it.

## Q&A / comments from community participants

- This implies that parachain teams give up sovereignty over their assets

- Where do people look to see what the best practices are for implementing these XCM use cases? Whats a reliable source of truth?

- How would we resolve the potential problem of a chain changing their issuance for example?

- How are the tokens from reserves distributed into the assets hub?

- How does moving KSM back to where it was work? Will parachains move their assets to the hub? Or just users?

- Observation about using Fireblocks to interact with other defi protocols. How many exchanges will be adopting this concept?

- How to handle more complex interactions ?

- How to think about making metadata standard for wallets like ledger?

- What influences the trust levels?

We want users to only need to focus on what they’re doing, not what chain they’re on.

## Takeaways

- There’s a commonly wrong mental model that’s adopted which needs changing: the assets on the asset hub aren’t any more legitimate just because they’re on the Hub. Anyone can make a token and mess with the issuance. Its for users and chains to do their due diligence.

- There weren’t strong controversial opinions about this direction with the Foreign Assets Pallet and decision around its intended use.