diff --git a/frame/assets/src/impl_fungibles.rs b/frame/assets/src/impl_fungibles.rs
index 6e0a9ac08ebb1..b10b8c6b10755 100644
--- a/frame/assets/src/impl_fungibles.rs
+++ b/frame/assets/src/impl_fungibles.rs
@@ -59,6 +59,10 @@ impl<T: Config<I>, I: 'static> fungibles::Inspect<<T as SystemConfig>::AccountId
 	) -> WithdrawConsequence<Self::Balance> {
 		Pallet::<T, I>::can_decrease(asset, who, amount, false)
 	}
+
+	fn asset_exists(asset: Self::AssetId) -> bool {
+		Asset::<T, I>::contains_key(asset)
+	}
 }
 
 impl<T: Config<I>, I: 'static> fungibles::InspectMetadata<<T as SystemConfig>::AccountId>
diff --git a/frame/support/src/traits/tokens/fungibles.rs b/frame/support/src/traits/tokens/fungibles.rs
index 6cc6d70de15a7..045ecd05134c2 100644
--- a/frame/support/src/traits/tokens/fungibles.rs
+++ b/frame/support/src/traits/tokens/fungibles.rs
@@ -83,6 +83,9 @@ pub trait Inspect<AccountId> {
 		who: &AccountId,
 		amount: Self::Balance,
 	) -> WithdrawConsequence<Self::Balance>;
+
+	/// Returns `true` if an `asset` exists.
+	fn asset_exists(asset: Self::AssetId) -> bool;
 }
 
 /// Trait for reading metadata from a fungible asset.