diff --git a/Cargo.lock b/Cargo.lock
index ed59fa2039af..382109caf793 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -6042,6 +6042,7 @@ name = "pallet-treasury"
 version = "4.0.0-dev"
 source = "git+https://github.com/paritytech/substrate?branch=master#96f8c97dff7f419a349ee01d02613445ba4a41f8"
 dependencies = [
+ "docify",
  "frame-benchmarking",
  "frame-support",
  "frame-system",
@@ -6050,6 +6051,7 @@ dependencies = [
  "parity-scale-codec",
  "scale-info",
  "serde",
+ "sp-core",
  "sp-runtime",
  "sp-std",
 ]
diff --git a/runtime/common/Cargo.toml b/runtime/common/Cargo.toml
index b671a5026fd4..fbab8e2290cb 100644
--- a/runtime/common/Cargo.toml
+++ b/runtime/common/Cargo.toml
@@ -37,6 +37,7 @@ pallet-timestamp = { git = "https://github.com/paritytech/substrate", branch = "
 pallet-vesting = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-transaction-payment = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-treasury = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
+pallet-asset-rate = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-election-provider-multi-phase = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 frame-election-provider-support = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 
@@ -49,6 +50,7 @@ runtime-parachains = { package = "polkadot-runtime-parachains", path = "../parac
 
 slot-range-helper = { path = "slot_range_helper", default-features = false }
 xcm = { path = "../../xcm", default-features = false }
+xcm-builder = { path = "../../xcm/xcm-builder", default-features = false }
 
 [dev-dependencies]
 hex-literal = "0.4.1"
@@ -97,7 +99,9 @@ std = [
 	"libsecp256k1/std",
 	"runtime-parachains/std",
 	"xcm/std",
+	"xcm-builder/std",
 	"sp-npos-elections/std",
+	"pallet-asset-rate/std",
 ]
 runtime-benchmarks = [
 	"libsecp256k1/hmac",
@@ -107,7 +111,10 @@ runtime-benchmarks = [
 	"frame-system/runtime-benchmarks",
 	"runtime-parachains/runtime-benchmarks",
 	"pallet-babe/runtime-benchmarks",
-	"pallet-fast-unstake/runtime-benchmarks"
+	"pallet-fast-unstake/runtime-benchmarks",
+	"pallet-treasury/runtime-benchmarks",
+	"xcm-builder/runtime-benchmarks",
+	"pallet-asset-rate/runtime-benchmarks",
 ]
 try-runtime = [
 	"runtime-parachains/try-runtime",
@@ -120,4 +127,5 @@ try-runtime = [
 	"pallet-transaction-payment/try-runtime",
 	"pallet-treasury/try-runtime",
 	"pallet-fast-unstake/try-runtime",
+	"pallet-asset-rate/try-runtime",
 ]
diff --git a/runtime/common/src/impls.rs b/runtime/common/src/impls.rs
index 0d0dee2e9ad9..cd8ed3e29255 100644
--- a/runtime/common/src/impls.rs
+++ b/runtime/common/src/impls.rs
@@ -18,8 +18,10 @@
 
 use crate::NegativeImbalance;
 use frame_support::traits::{Currency, Imbalance, OnUnbalanced};
+use parity_scale_codec::{Decode, Encode, MaxEncodedLen};
 use primitives::Balance;
-use sp_runtime::Perquintill;
+use sp_runtime::{traits::Convert, Perquintill, RuntimeDebug};
+use xcm::latest::{AssetId, MultiLocation};
 
 /// Logic for the author to get a portion of fees.
 pub struct ToAuthor<R>(sp_std::marker::PhantomData<R>);
@@ -98,13 +100,78 @@ pub fn era_payout(
 	(staking_payout, rest)
 }
 
+/// Simple struct which contains both an XCM `location` and `asset_id` to identify an asset which
+/// exists on some chain.
+#[derive(
+	Encode, Decode, Eq, PartialEq, Clone, RuntimeDebug, scale_info::TypeInfo, MaxEncodedLen,
+)]
+pub struct LocatableAssetId {
+	/// The (relative) location in which the asset ID is meaningful.
+	pub location: MultiLocation,
+	/// The asset's ID.
+	pub asset_id: AssetId,
+}
+
+impl LocatableAssetId {
+	pub fn new(location: MultiLocation, asset_id: AssetId) -> Self {
+		LocatableAssetId { location, asset_id }
+	}
+}
+
+/// Converts the [`LocatableAssetId`] to the [`xcm_builder::LocatableAssetId`].
+pub struct LocatableAssetIdConverter;
+impl Convert<LocatableAssetId, xcm_builder::LocatableAssetId> for LocatableAssetIdConverter {
+	fn convert(a: LocatableAssetId) -> xcm_builder::LocatableAssetId {
+		xcm_builder::LocatableAssetId { asset_id: a.asset_id, location: a.location }
+	}
+}
+
+#[cfg(feature = "runtime-benchmarks")]
+pub mod benchmarks {
+	use super::LocatableAssetId;
+	use pallet_asset_rate::AssetKindFactory;
+	use pallet_treasury::ArgumentsFactory as TreasuryArgumentsFactory;
+	use xcm::prelude::*;
+
+	/// Provides a factory method for the [`LocatableAssetId`].
+	/// The location of the asset is determined as a Parachain with an ID equal to the passed seed.
+	pub struct AssetRateArguments;
+	impl AssetKindFactory<LocatableAssetId> for AssetRateArguments {
+		fn create_asset_kind(seed: u32) -> LocatableAssetId {
+			LocatableAssetId {
+				location: MultiLocation::new(0, X1(Parachain(seed))),
+				asset_id: MultiLocation::new(
+					0,
+					X2(PalletInstance(seed.try_into().unwrap()), GeneralIndex(seed.into())),
+				)
+				.into(),
+			}
+		}
+	}
+
+	/// Provide factory methods for the [`LocatableAssetId`] and the `Beneficiary` of the [`MultiLocation`].
+	/// The location of the asset is determined as a Parachain with an ID equal to the passed seed.
+	pub struct TreasuryArguments;
+	impl TreasuryArgumentsFactory<LocatableAssetId, MultiLocation> for TreasuryArguments {
+		fn create_asset_kind(seed: u32) -> LocatableAssetId {
+			AssetRateArguments::create_asset_kind(seed)
+		}
+		fn create_beneficiary(seed: [u8; 32]) -> MultiLocation {
+			MultiLocation::new(0, X1(AccountId32 { network: None, id: seed }))
+		}
+	}
+}
+
 #[cfg(test)]
 mod tests {
 	use super::*;
 	use frame_support::{
 		dispatch::DispatchClass,
 		parameter_types,
-		traits::{ConstU32, FindAuthor},
+		traits::{
+			tokens::{PayFromAccount, UnityAssetBalanceConversion},
+			ConstU32, FindAuthor,
+		},
 		weights::Weight,
 		PalletId,
 	};
@@ -189,6 +256,7 @@ mod tests {
 	parameter_types! {
 		pub const TreasuryPalletId: PalletId = PalletId(*b"py/trsry");
 		pub const MaxApprovals: u32 = 100;
+		pub TreasuryAccount: AccountId = Treasury::account_id();
 	}
 
 	impl pallet_treasury::Config for Test {
@@ -208,6 +276,14 @@ mod tests {
 		type MaxApprovals = MaxApprovals;
 		type WeightInfo = ();
 		type SpendOrigin = frame_support::traits::NeverEnsureOrigin<u64>;
+		type AssetKind = ();
+		type Beneficiary = Self::AccountId;
+		type BeneficiaryLookup = IdentityLookup<Self::AccountId>;
+		type Paymaster = PayFromAccount<Balances, TreasuryAccount>;
+		type BalanceConverter = UnityAssetBalanceConversion;
+		type PayoutPeriod = ConstU64<0>;
+		#[cfg(feature = "runtime-benchmarks")]
+		type BenchmarkHelper = ();
 	}
 
 	pub struct OneAuthor;
diff --git a/runtime/kusama/Cargo.toml b/runtime/kusama/Cargo.toml
index 3b8c5cd3bb68..6c79e3db371b 100644
--- a/runtime/kusama/Cargo.toml
+++ b/runtime/kusama/Cargo.toml
@@ -86,6 +86,7 @@ pallet-whitelist = { git = "https://github.com/paritytech/substrate", branch = "
 pallet-xcm = { path = "../../xcm/pallet-xcm", default-features = false }
 pallet-xcm-benchmarks = { path = "../../xcm/pallet-xcm-benchmarks", default-features = false, optional = true }
 frame-election-provider-support = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
+pallet-asset-rate = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 
 frame-benchmarking = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false, optional = true }
 frame-try-runtime = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false, optional = true }
@@ -204,6 +205,7 @@ std = [
 	"xcm-executor/std",
 	"xcm-builder/std",
 	"frame-election-provider-support/std",
+	"pallet-asset-rate/std",
 ]
 runtime-benchmarks = [
 	"runtime-common/runtime-benchmarks",
@@ -255,6 +257,7 @@ runtime-benchmarks = [
 	"pallet-bags-list/runtime-benchmarks",
 	"runtime-parachains/runtime-benchmarks",
 	"pallet-xcm-benchmarks/runtime-benchmarks",
+	"pallet-asset-rate/runtime-benchmarks",
 ]
 try-runtime = [
 	"frame-executive/try-runtime",
@@ -302,6 +305,7 @@ try-runtime = [
 	"pallet-babe/try-runtime",
 	"pallet-xcm/try-runtime",
 	"runtime-common/try-runtime",
+	"pallet-asset-rate/try-runtime",
 ]
 # When enabled, the runtime API will not be build.
 #
diff --git a/runtime/kusama/src/lib.rs b/runtime/kusama/src/lib.rs
index 6779caad84be..76a1c48f9486 100644
--- a/runtime/kusama/src/lib.rs
+++ b/runtime/kusama/src/lib.rs
@@ -31,9 +31,10 @@ use primitives::{
 	PARACHAIN_KEY_TYPE_ID,
 };
 use runtime_common::{
-	auctions, claims, crowdloan, impl_runtime_weights, impls::DealWithFees, paras_registrar,
-	prod_or_fast, slots, BalanceToU256, BlockHashCount, BlockLength, CurrencyToVote,
-	SlowAdjustingFeeUpdate, U256ToBalance,
+	auctions, claims, crowdloan, impl_runtime_weights,
+	impls::{DealWithFees, LocatableAssetId, LocatableAssetIdConverter},
+	paras_registrar, prod_or_fast, slots, BalanceToU256, BlockHashCount, BlockLength,
+	CurrencyToVote, SlowAdjustingFeeUpdate, U256ToBalance,
 };
 use scale_info::TypeInfo;
 use sp_std::{cmp::Ordering, collections::btree_map::BTreeMap, prelude::*};
@@ -74,8 +75,8 @@ use sp_mmr_primitives as mmr;
 use sp_runtime::{
 	create_runtime_str, generic, impl_opaque_keys,
 	traits::{
-		AccountIdLookup, BlakeTwo256, Block as BlockT, ConvertInto, Extrinsic as ExtrinsicT,
-		OpaqueKeys, SaturatedConversion, Verify,
+		AccountIdLookup, BlakeTwo256, Block as BlockT, CloneIdentity, ConvertInto,
+		Extrinsic as ExtrinsicT, IdentityLookup, OpaqueKeys, SaturatedConversion, Verify,
 	},
 	transaction_validity::{TransactionPriority, TransactionSource, TransactionValidity},
 	ApplyExtrinsicResult, FixedU128, KeyTypeId, Perbill, Percent, Permill,
@@ -84,7 +85,8 @@ use sp_staking::SessionIndex;
 #[cfg(any(feature = "std", test))]
 use sp_version::NativeVersion;
 use sp_version::RuntimeVersion;
-use xcm::latest::Junction;
+use xcm::latest::{InteriorMultiLocation, Junction, Junction::PalletInstance, MultiLocation};
+use xcm_builder::PayOverXcm;
 
 pub use frame_system::Call as SystemCall;
 pub use pallet_balances::Call as BalancesCall;
@@ -613,6 +615,10 @@ parameter_types! {
 	pub const SpendPeriod: BlockNumber = 6 * DAYS;
 	pub const Burn: Permill = Permill::from_perthousand(2);
 	pub const TreasuryPalletId: PalletId = PalletId(*b"py/trsry");
+	pub const PayoutSpendPeriod: BlockNumber = 30 * DAYS;
+	// The asset's interior location for the paying account. This is the Treasury
+	// pallet instance (which sits at index 18).
+	pub TreasuryInteriorLocation: InteriorMultiLocation = PalletInstance(18).into();
 
 	pub const TipCountdown: BlockNumber = 1 * DAYS;
 	pub const TipFindersFee: Percent = Percent::from_percent(20);
@@ -641,6 +647,23 @@ impl pallet_treasury::Config for Runtime {
 	type WeightInfo = weights::pallet_treasury::WeightInfo<Runtime>;
 	type SpendFunds = Bounties;
 	type SpendOrigin = TreasurySpender;
+	type AssetKind = LocatableAssetId;
+	type Beneficiary = MultiLocation;
+	type BeneficiaryLookup = IdentityLookup<Self::Beneficiary>;
+	type Paymaster = PayOverXcm<
+		TreasuryInteriorLocation,
+		crate::xcm_config::XcmRouter,
+		crate::XcmPallet,
+		ConstU32<{ 6 * HOURS }>,
+		Self::Beneficiary,
+		Self::AssetKind,
+		LocatableAssetIdConverter,
+		CloneIdentity,
+	>;
+	type BalanceConverter = AssetRate;
+	type PayoutPeriod = PayoutSpendPeriod;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::TreasuryArguments;
 }
 
 parameter_types! {
@@ -1344,6 +1367,18 @@ impl pallet_nomination_pools::Config for Runtime {
 	type MaxPointsToBalance = MaxPointsToBalance;
 }
 
+impl pallet_asset_rate::Config for Runtime {
+	type WeightInfo = weights::pallet_asset_rate::WeightInfo<Runtime>;
+	type RuntimeEvent = RuntimeEvent;
+	type CreateOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type RemoveOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type UpdateOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type Currency = Balances;
+	type AssetKind = <Runtime as pallet_treasury::Config>::AssetKind;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::AssetRateArguments;
+}
+
 parameter_types! {
 	// The deposit configuration for the singed migration. Specially if you want to allow any signed account to do the migration (see `SignedFilter`, these deposits should be high)
 	pub const MigrationSignedDepositPerItem: Balance = 1 * CENTS;
@@ -1456,6 +1491,9 @@ construct_runtime! {
 		// Fast unstake pallet: extension to staking.
 		FastUnstake: pallet_fast_unstake = 42,
 
+		// Asset rate.
+		AssetRate: pallet_asset_rate::{Pallet, Call, Storage, Event<T>} = 46,
+
 		// Parachains pallets. Start indices at 50 to leave room.
 		ParachainsOrigin: parachains_origin::{Pallet, Origin} = 50,
 		Configuration: parachains_configuration::{Pallet, Call, Storage, Config<T>} = 51,
@@ -1610,6 +1648,7 @@ mod benches {
 		[pallet_utility, Utility]
 		[pallet_vesting, Vesting]
 		[pallet_whitelist, Whitelist]
+		[pallet_asset_rate, AssetRate]
 		// XCM
 		[pallet_xcm, XcmPallet]
 		[pallet_xcm_benchmarks::fungible, pallet_xcm_benchmarks::fungible::Pallet::<Runtime>]
diff --git a/runtime/kusama/src/weights/mod.rs b/runtime/kusama/src/weights/mod.rs
index b3642d49d463..7c935b73e0d6 100644
--- a/runtime/kusama/src/weights/mod.rs
+++ b/runtime/kusama/src/weights/mod.rs
@@ -17,6 +17,7 @@
 
 pub mod frame_election_provider_support;
 pub mod frame_system;
+pub mod pallet_asset_rate;
 pub mod pallet_bags_list;
 pub mod pallet_balances;
 pub mod pallet_balances_nis_counterpart_balances;
diff --git a/runtime/kusama/src/weights/pallet_asset_rate.rs b/runtime/kusama/src/weights/pallet_asset_rate.rs
new file mode 100644
index 000000000000..e6fbff63740c
--- /dev/null
+++ b/runtime/kusama/src/weights/pallet_asset_rate.rs
@@ -0,0 +1,86 @@
+// Copyright (C) Parity Technologies (UK) Ltd.
+// This file is part of Polkadot.
+
+// Polkadot is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+
+// Polkadot is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU General Public License for more details.
+
+// You should have received a copy of the GNU General Public License
+// along with Polkadot.  If not, see <http://www.gnu.org/licenses/>.
+
+//! Autogenerated weights for `pallet_asset_rate`
+//!
+//! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
+//! DATE: 2023-07-03, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! WORST CASE MAP SIZE: `1000000`
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("kusama-dev"), DB CACHE: 1024
+
+// Executed Command:
+// ./target/debug/polkadot
+// benchmark
+// pallet
+// --chain=kusama-dev
+// --steps=50
+// --repeat=2
+// --pallet=pallet_asset_rate
+// --extrinsic=*
+// --wasm-execution=compiled
+// --heap-pages=4096
+// --output=./runtime/kusama/src/weights/
+// --header=./file_header.txt
+
+#![cfg_attr(rustfmt, rustfmt_skip)]
+#![allow(unused_parens)]
+#![allow(unused_imports)]
+#![allow(missing_docs)]
+
+use frame_support::{traits::Get, weights::Weight};
+use core::marker::PhantomData;
+
+/// Weight functions for `pallet_asset_rate`.
+pub struct WeightInfo<T>(PhantomData<T>);
+impl<T: frame_system::Config> pallet_asset_rate::WeightInfo for WeightInfo<T> {
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn create() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `42`
+		//  Estimated: `4702`
+		// Minimum execution time: 53_000_000 picoseconds.
+		Weight::from_parts(55_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn update() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 60_000_000 picoseconds.
+		Weight::from_parts(60_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn remove() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 66_000_000 picoseconds.
+		Weight::from_parts(74_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+}
diff --git a/runtime/kusama/src/weights/pallet_treasury.rs b/runtime/kusama/src/weights/pallet_treasury.rs
index fe2e4f9cee8f..c3def6153994 100644
--- a/runtime/kusama/src/weights/pallet_treasury.rs
+++ b/runtime/kusama/src/weights/pallet_treasury.rs
@@ -17,27 +17,24 @@
 //! Autogenerated weights for `pallet_treasury`
 //!
 //! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
-//! DATE: 2023-06-19, STEPS: `50`, REPEAT: `20`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! DATE: 2023-07-07, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
 //! WORST CASE MAP SIZE: `1000000`
-//! HOSTNAME: `runner-e8ezs4ez-project-163-concurrent-0`, CPU: `Intel(R) Xeon(R) CPU @ 2.60GHz`
-//! EXECUTION: Some(Wasm), WASM-EXECUTION: Compiled, CHAIN: Some("kusama-dev"), DB CACHE: 1024
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("kusama-dev"), DB CACHE: 1024
 
 // Executed Command:
-// ./target/production/polkadot
+// ./target/debug/polkadot
 // benchmark
 // pallet
 // --chain=kusama-dev
 // --steps=50
-// --repeat=20
-// --no-storage-info
-// --no-median-slopes
-// --no-min-squares
+// --repeat=2
 // --pallet=pallet_treasury
 // --extrinsic=*
-// --execution=wasm
 // --wasm-execution=compiled
-// --header=./file_header.txt
+// --heap-pages=4096
 // --output=./runtime/kusama/src/weights/
+// --header=./file_header.txt
 
 #![cfg_attr(rustfmt, rustfmt_skip)]
 #![allow(unused_parens)]
@@ -56,12 +53,12 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
 	/// Storage: Treasury Proposals (r:0 w:1)
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
-	fn spend() -> Weight {
+	fn spend_local() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `6`
+		//  Measured:  `42`
 		//  Estimated: `1887`
-		// Minimum execution time: 14_076_000 picoseconds.
-		Weight::from_parts(14_546_000, 0)
+		// Minimum execution time: 164_000_000 picoseconds.
+		Weight::from_parts(174_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(3))
@@ -72,10 +69,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
 	fn propose_spend() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `107`
+		//  Measured:  `143`
 		//  Estimated: `1489`
-		// Minimum execution time: 27_324_000 picoseconds.
-		Weight::from_parts(27_723_000, 0)
+		// Minimum execution time: 323_000_000 picoseconds.
+		Weight::from_parts(332_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1489))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -86,10 +83,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	fn reject_proposal() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `265`
+		//  Measured:  `301`
 		//  Estimated: `3593`
-		// Minimum execution time: 41_722_000 picoseconds.
-		Weight::from_parts(42_638_000, 0)
+		// Minimum execution time: 507_000_000 picoseconds.
+		Weight::from_parts(516_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 3593))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -101,13 +98,13 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// The range of component `p` is `[0, 99]`.
 	fn approve_proposal(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `433 + p * (8 ±0)`
+		//  Measured:  `470 + p * (8 ±0)`
 		//  Estimated: `3573`
-		// Minimum execution time: 8_332_000 picoseconds.
-		Weight::from_parts(10_971_007, 0)
+		// Minimum execution time: 90_000_000 picoseconds.
+		Weight::from_parts(106_030_364, 0)
 			.saturating_add(Weight::from_parts(0, 3573))
-			// Standard Error: 1_480
-			.saturating_add(Weight::from_parts(78_440, 0).saturating_mul(p.into()))
+			// Standard Error: 36_275
+			.saturating_add(Weight::from_parts(192_975, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(1))
 	}
@@ -115,10 +112,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
 	fn remove_approval() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `90`
+		//  Measured:  `127`
 		//  Estimated: `1887`
-		// Minimum execution time: 6_465_000 picoseconds.
-		Weight::from_parts(6_632_000, 0)
+		// Minimum execution time: 69_000_000 picoseconds.
+		Weight::from_parts(71_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(1))
@@ -129,26 +126,96 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Balances InactiveIssuance (max_values: Some(1), max_size: Some(16), added: 511, mode: MaxEncodedLen)
 	/// Storage: Treasury Approvals (r:1 w:1)
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// Storage: Treasury Proposals (r:100 w:100)
+	/// Storage: Treasury Proposals (r:99 w:99)
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
-	/// Storage: System Account (r:201 w:201)
+	/// Storage: System Account (r:199 w:199)
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	/// Storage: Bounties BountyApprovals (r:1 w:1)
 	/// Proof: Bounties BountyApprovals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// The range of component `p` is `[0, 100]`.
+	/// The range of component `p` is `[0, 99]`.
 	fn on_initialize_proposals(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `264 + p * (251 ±0)`
+		//  Measured:  `298 + p * (251 ±0)`
 		//  Estimated: `3593 + p * (5206 ±0)`
-		// Minimum execution time: 67_339_000 picoseconds.
-		Weight::from_parts(61_523_213, 0)
+		// Minimum execution time: 859_000_000 picoseconds.
+		Weight::from_parts(779_444_648, 0)
 			.saturating_add(Weight::from_parts(0, 3593))
-			// Standard Error: 28_817
-			.saturating_add(Weight::from_parts(44_009_562, 0).saturating_mul(p.into()))
+			// Standard Error: 668_604
+			.saturating_add(Weight::from_parts(549_377_914, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(5))
 			.saturating_add(T::DbWeight::get().reads((3_u64).saturating_mul(p.into())))
 			.saturating_add(T::DbWeight::get().writes(5))
 			.saturating_add(T::DbWeight::get().writes((3_u64).saturating_mul(p.into())))
 			.saturating_add(Weight::from_parts(0, 5206).saturating_mul(p.into()))
 	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:0)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	/// Storage: Treasury SpendCount (r:1 w:1)
+	/// Proof: Treasury SpendCount (max_values: Some(1), max_size: Some(4), added: 499, mode: MaxEncodedLen)
+	/// Storage: Treasury Spends (r:0 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `114`
+		//  Estimated: `4702`
+		// Minimum execution time: 195_000_000 picoseconds.
+		Weight::from_parts(210_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet QueryCounter (r:1 w:1)
+	/// Proof Skipped: XcmPallet QueryCounter (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DeliveryFeeFactor (r:1 w:0)
+	/// Proof Skipped: Dmp DeliveryFeeFactor (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet SupportedVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SupportedVersion (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet VersionDiscoveryQueue (r:1 w:1)
+	/// Proof Skipped: XcmPallet VersionDiscoveryQueue (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: XcmPallet SafeXcmVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SafeXcmVersion (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueues (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueues (max_values: None, max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueueHeads (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueueHeads (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet Queries (r:0 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn payout() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `417`
+		//  Estimated: `5313`
+		// Minimum execution time: 482_000_000 picoseconds.
+		Weight::from_parts(500_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(8))
+			.saturating_add(T::DbWeight::get().writes(6))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet Queries (r:1 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn check_status() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `442`
+		//  Estimated: `5313`
+		// Minimum execution time: 253_000_000 picoseconds.
+		Weight::from_parts(337_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn void_spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `172`
+		//  Estimated: `5313`
+		// Minimum execution time: 133_000_000 picoseconds.
+		Weight::from_parts(136_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
 }
diff --git a/runtime/polkadot/Cargo.toml b/runtime/polkadot/Cargo.toml
index eac818c70e00..65c826f802b7 100644
--- a/runtime/polkadot/Cargo.toml
+++ b/runtime/polkadot/Cargo.toml
@@ -80,6 +80,7 @@ pallet-whitelist = { git = "https://github.com/paritytech/substrate", branch = "
 pallet-vesting = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-utility = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 frame-election-provider-support = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
+pallet-asset-rate = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-xcm = { path = "../../xcm/pallet-xcm", default-features = false, features=["experimental"] }
 pallet-xcm-benchmarks = { path = "../../xcm/pallet-xcm-benchmarks", default-features = false, optional = true }
 
@@ -195,6 +196,7 @@ std = [
 	"xcm/std",
 	"xcm-executor/std",
 	"xcm-builder/std",
+	"pallet-asset-rate/std",
 ]
 runtime-benchmarks = [
 	"runtime-common/runtime-benchmarks",
@@ -242,6 +244,7 @@ runtime-benchmarks = [
 	"xcm-builder/runtime-benchmarks",
 	"frame-election-provider-support/runtime-benchmarks",
 	"runtime-parachains/runtime-benchmarks",
+	"pallet-asset-rate/runtime-benchmarks",
 	"pallet-xcm-benchmarks/runtime-benchmarks",
 ]
 try-runtime = [
@@ -285,6 +288,7 @@ try-runtime = [
 	"pallet-whitelist/try-runtime",
 	"pallet-utility/try-runtime",
 	"pallet-xcm/try-runtime",
+	"pallet-asset-rate/try-runtime",
 ]
 # When enabled, the runtime API will not be build.
 #
diff --git a/runtime/polkadot/src/lib.rs b/runtime/polkadot/src/lib.rs
index 55ddb4707791..d17526665550 100644
--- a/runtime/polkadot/src/lib.rs
+++ b/runtime/polkadot/src/lib.rs
@@ -22,8 +22,10 @@
 
 use pallet_transaction_payment::CurrencyAdapter;
 use runtime_common::{
-	auctions, claims, crowdloan, impl_runtime_weights, impls::DealWithFees, paras_registrar,
-	prod_or_fast, slots, BlockHashCount, BlockLength, CurrencyToVote, SlowAdjustingFeeUpdate,
+	auctions, claims, crowdloan, impl_runtime_weights,
+	impls::{DealWithFees, LocatableAssetId, LocatableAssetIdConverter},
+	paras_registrar, prod_or_fast, slots, BlockHashCount, BlockLength, CurrencyToVote,
+	SlowAdjustingFeeUpdate,
 };
 
 use runtime_parachains::{
@@ -71,8 +73,8 @@ use sp_runtime::{
 	curve::PiecewiseLinear,
 	generic, impl_opaque_keys,
 	traits::{
-		AccountIdLookup, BlakeTwo256, Block as BlockT, ConvertInto, Extrinsic as ExtrinsicT,
-		OpaqueKeys, SaturatedConversion, Verify,
+		AccountIdLookup, BlakeTwo256, Block as BlockT, CloneIdentity, ConvertInto,
+		Extrinsic as ExtrinsicT, IdentityLookup, OpaqueKeys, SaturatedConversion, Verify,
 	},
 	transaction_validity::{TransactionPriority, TransactionSource, TransactionValidity},
 	ApplyExtrinsicResult, FixedU128, KeyTypeId, Perbill, Percent, Permill,
@@ -83,7 +85,8 @@ use sp_std::{cmp::Ordering, collections::btree_map::BTreeMap, prelude::*};
 use sp_version::NativeVersion;
 use sp_version::RuntimeVersion;
 use static_assertions::const_assert;
-use xcm::latest::Junction;
+use xcm::latest::{InteriorMultiLocation, Junction, Junction::PalletInstance, MultiLocation};
+use xcm_builder::PayOverXcm;
 
 pub use frame_system::Call as SystemCall;
 pub use pallet_balances::Call as BalancesCall;
@@ -646,6 +649,10 @@ parameter_types! {
 	pub const SpendPeriod: BlockNumber = 24 * DAYS;
 	pub const Burn: Permill = Permill::from_percent(1);
 	pub const TreasuryPalletId: PalletId = PalletId(*b"py/trsry");
+	pub const PayoutSpendPeriod: BlockNumber = 30 * DAYS;
+	// The asset's interior location for the paying account. This is the Treasury
+	// pallet instance (which sits at index 19).
+	pub TreasuryInteriorLocation: InteriorMultiLocation = PalletInstance(19).into();
 
 	pub const TipCountdown: BlockNumber = 1 * DAYS;
 	pub const TipFindersFee: Percent = Percent::from_percent(20);
@@ -676,6 +683,23 @@ impl pallet_treasury::Config for Runtime {
 	type MaxApprovals = MaxApprovals;
 	type WeightInfo = weights::pallet_treasury::WeightInfo<Runtime>;
 	type SpendOrigin = TreasurySpender;
+	type AssetKind = LocatableAssetId;
+	type Beneficiary = MultiLocation;
+	type BeneficiaryLookup = IdentityLookup<Self::Beneficiary>;
+	type Paymaster = PayOverXcm<
+		TreasuryInteriorLocation,
+		crate::xcm_config::XcmRouter,
+		crate::XcmPallet,
+		ConstU32<{ 6 * HOURS }>,
+		Self::Beneficiary,
+		Self::AssetKind,
+		LocatableAssetIdConverter,
+		CloneIdentity,
+	>;
+	type BalanceConverter = AssetRate;
+	type PayoutPeriod = PayoutSpendPeriod;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::TreasuryArguments;
 }
 
 parameter_types! {
@@ -1341,6 +1365,18 @@ impl frame_support::traits::OnRuntimeUpgrade for InitiateNominationPools {
 	}
 }
 
+impl pallet_asset_rate::Config for Runtime {
+	type WeightInfo = weights::pallet_asset_rate::WeightInfo<Runtime>;
+	type RuntimeEvent = RuntimeEvent;
+	type CreateOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type RemoveOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type UpdateOrigin = EitherOfDiverse<EnsureRoot<AccountId>, Treasurer>;
+	type Currency = Balances;
+	type AssetKind = <Runtime as pallet_treasury::Config>::AssetKind;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::AssetRateArguments;
+}
+
 construct_runtime! {
 	pub enum Runtime
 	{
@@ -1418,6 +1454,9 @@ construct_runtime! {
 		// Fast unstake pallet: extension to staking.
 		FastUnstake: pallet_fast_unstake = 40,
 
+		// Asset rate.
+		AssetRate: pallet_asset_rate::{Pallet, Call, Storage, Event<T>} = 41,
+
 		// Parachains pallets. Start indices at 50 to leave room.
 		ParachainsOrigin: parachains_origin::{Pallet, Origin} = 50,
 		Configuration: parachains_configuration::{Pallet, Call, Storage, Config<T>} = 51,
@@ -1589,6 +1628,7 @@ mod benches {
 		[pallet_conviction_voting, ConvictionVoting]
 		[pallet_referenda, Referenda]
 		[pallet_whitelist, Whitelist]
+		[pallet_asset_rate, AssetRate]
 		// XCM
 		[pallet_xcm, XcmPallet]
 		[pallet_xcm_benchmarks::fungible, pallet_xcm_benchmarks::fungible::Pallet::<Runtime>]
diff --git a/runtime/polkadot/src/weights/mod.rs b/runtime/polkadot/src/weights/mod.rs
index 596b594c9370..7eca87034b31 100644
--- a/runtime/polkadot/src/weights/mod.rs
+++ b/runtime/polkadot/src/weights/mod.rs
@@ -17,6 +17,7 @@
 
 pub mod frame_election_provider_support;
 pub mod frame_system;
+pub mod pallet_asset_rate;
 pub mod pallet_bags_list;
 pub mod pallet_balances;
 pub mod pallet_bounties;
diff --git a/runtime/polkadot/src/weights/pallet_asset_rate.rs b/runtime/polkadot/src/weights/pallet_asset_rate.rs
new file mode 100644
index 000000000000..810dd01a1702
--- /dev/null
+++ b/runtime/polkadot/src/weights/pallet_asset_rate.rs
@@ -0,0 +1,86 @@
+// Copyright (C) Parity Technologies (UK) Ltd.
+// This file is part of Polkadot.
+
+// Polkadot is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+
+// Polkadot is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU General Public License for more details.
+
+// You should have received a copy of the GNU General Public License
+// along with Polkadot.  If not, see <http://www.gnu.org/licenses/>.
+
+//! Autogenerated weights for `pallet_asset_rate`
+//!
+//! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
+//! DATE: 2023-07-04, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! WORST CASE MAP SIZE: `1000000`
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("polkadot-dev"), DB CACHE: 1024
+
+// Executed Command:
+// ./target/debug/polkadot
+// benchmark
+// pallet
+// --chain=polkadot-dev
+// --steps=50
+// --repeat=2
+// --pallet=pallet_asset_rate
+// --extrinsic=*
+// --wasm-execution=compiled
+// --heap-pages=4096
+// --output=./runtime/polkadot/src/weights/
+// --header=./file_header.txt
+
+#![cfg_attr(rustfmt, rustfmt_skip)]
+#![allow(unused_parens)]
+#![allow(unused_imports)]
+#![allow(missing_docs)]
+
+use frame_support::{traits::Get, weights::Weight};
+use core::marker::PhantomData;
+
+/// Weight functions for `pallet_asset_rate`.
+pub struct WeightInfo<T>(PhantomData<T>);
+impl<T: frame_system::Config> pallet_asset_rate::WeightInfo for WeightInfo<T> {
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn create() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `42`
+		//  Estimated: `4702`
+		// Minimum execution time: 67_000_000 picoseconds.
+		Weight::from_parts(69_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn update() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 69_000_000 picoseconds.
+		Weight::from_parts(71_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn remove() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 70_000_000 picoseconds.
+		Weight::from_parts(90_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+}
diff --git a/runtime/polkadot/src/weights/pallet_treasury.rs b/runtime/polkadot/src/weights/pallet_treasury.rs
index 669bfdeb7cfd..13509395b0c4 100644
--- a/runtime/polkadot/src/weights/pallet_treasury.rs
+++ b/runtime/polkadot/src/weights/pallet_treasury.rs
@@ -17,27 +17,24 @@
 //! Autogenerated weights for `pallet_treasury`
 //!
 //! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
-//! DATE: 2023-06-19, STEPS: `50`, REPEAT: `20`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! DATE: 2023-07-07, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
 //! WORST CASE MAP SIZE: `1000000`
-//! HOSTNAME: `runner-e8ezs4ez-project-163-concurrent-0`, CPU: `Intel(R) Xeon(R) CPU @ 2.60GHz`
-//! EXECUTION: Some(Wasm), WASM-EXECUTION: Compiled, CHAIN: Some("polkadot-dev"), DB CACHE: 1024
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("polkadot-dev"), DB CACHE: 1024
 
 // Executed Command:
-// ./target/production/polkadot
+// ./target/debug/polkadot
 // benchmark
 // pallet
 // --chain=polkadot-dev
 // --steps=50
-// --repeat=20
-// --no-storage-info
-// --no-median-slopes
-// --no-min-squares
+// --repeat=2
 // --pallet=pallet_treasury
 // --extrinsic=*
-// --execution=wasm
 // --wasm-execution=compiled
-// --header=./file_header.txt
+// --heap-pages=4096
 // --output=./runtime/polkadot/src/weights/
+// --header=./file_header.txt
 
 #![cfg_attr(rustfmt, rustfmt_skip)]
 #![allow(unused_parens)]
@@ -56,12 +53,12 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
 	/// Storage: Treasury Proposals (r:0 w:1)
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
-	fn spend() -> Weight {
+	fn spend_local() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `6`
+		//  Measured:  `42`
 		//  Estimated: `1887`
-		// Minimum execution time: 14_843_000 picoseconds.
-		Weight::from_parts(15_346_000, 0)
+		// Minimum execution time: 171_000_000 picoseconds.
+		Weight::from_parts(181_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(3))
@@ -72,10 +69,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
 	fn propose_spend() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `107`
+		//  Measured:  `143`
 		//  Estimated: `1489`
-		// Minimum execution time: 27_443_000 picoseconds.
-		Weight::from_parts(28_046_000, 0)
+		// Minimum execution time: 331_000_000 picoseconds.
+		Weight::from_parts(348_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1489))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -86,10 +83,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	fn reject_proposal() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `265`
+		//  Measured:  `301`
 		//  Estimated: `3593`
-		// Minimum execution time: 42_227_000 picoseconds.
-		Weight::from_parts(44_158_000, 0)
+		// Minimum execution time: 521_000_000 picoseconds.
+		Weight::from_parts(525_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 3593))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -101,13 +98,13 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// The range of component `p` is `[0, 99]`.
 	fn approve_proposal(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `433 + p * (8 ±0)`
+		//  Measured:  `470 + p * (8 ±0)`
 		//  Estimated: `3573`
-		// Minimum execution time: 9_538_000 picoseconds.
-		Weight::from_parts(11_238_300, 0)
+		// Minimum execution time: 100_000_000 picoseconds.
+		Weight::from_parts(108_825_359, 0)
 			.saturating_add(Weight::from_parts(0, 3573))
-			// Standard Error: 1_300
-			.saturating_add(Weight::from_parts(72_785, 0).saturating_mul(p.into()))
+			// Standard Error: 28_587
+			.saturating_add(Weight::from_parts(135_345, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(1))
 	}
@@ -115,10 +112,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
 	fn remove_approval() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `90`
+		//  Measured:  `127`
 		//  Estimated: `1887`
-		// Minimum execution time: 7_582_000 picoseconds.
-		Weight::from_parts(7_778_000, 0)
+		// Minimum execution time: 75_000_000 picoseconds.
+		Weight::from_parts(78_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(1))
@@ -129,26 +126,98 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Balances InactiveIssuance (max_values: Some(1), max_size: Some(16), added: 511, mode: MaxEncodedLen)
 	/// Storage: Treasury Approvals (r:1 w:1)
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// Storage: Treasury Proposals (r:100 w:100)
+	/// Storage: Treasury Proposals (r:99 w:99)
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
-	/// Storage: System Account (r:200 w:200)
+	/// Storage: System Account (r:198 w:198)
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	/// Storage: Bounties BountyApprovals (r:1 w:1)
 	/// Proof: Bounties BountyApprovals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// The range of component `p` is `[0, 100]`.
+	/// The range of component `p` is `[0, 99]`.
 	fn on_initialize_proposals(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `251 + p * (251 ±0)`
+		//  Measured:  `285 + p * (251 ±0)`
 		//  Estimated: `1887 + p * (5206 ±0)`
-		// Minimum execution time: 45_157_000 picoseconds.
-		Weight::from_parts(40_228_554, 0)
+		// Minimum execution time: 570_000_000 picoseconds.
+		Weight::from_parts(772_337_960, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
-			// Standard Error: 17_245
-			.saturating_add(Weight::from_parts(43_213_942, 0).saturating_mul(p.into()))
+			// Standard Error: 2_177_207
+			.saturating_add(Weight::from_parts(552_606_324, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(4))
 			.saturating_add(T::DbWeight::get().reads((3_u64).saturating_mul(p.into())))
 			.saturating_add(T::DbWeight::get().writes(4))
 			.saturating_add(T::DbWeight::get().writes((3_u64).saturating_mul(p.into())))
 			.saturating_add(Weight::from_parts(0, 5206).saturating_mul(p.into()))
 	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:0)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	/// Storage: Treasury SpendCount (r:1 w:1)
+	/// Proof: Treasury SpendCount (max_values: Some(1), max_size: Some(4), added: 499, mode: MaxEncodedLen)
+	/// Storage: Treasury Spends (r:0 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `114`
+		//  Estimated: `4702`
+		// Minimum execution time: 209_000_000 picoseconds.
+		Weight::from_parts(219_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet QueryCounter (r:1 w:1)
+	/// Proof Skipped: XcmPallet QueryCounter (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Configuration ActiveConfig (r:1 w:0)
+	/// Proof Skipped: Configuration ActiveConfig (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DeliveryFeeFactor (r:1 w:0)
+	/// Proof Skipped: Dmp DeliveryFeeFactor (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet SupportedVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SupportedVersion (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet VersionDiscoveryQueue (r:1 w:1)
+	/// Proof Skipped: XcmPallet VersionDiscoveryQueue (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: XcmPallet SafeXcmVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SafeXcmVersion (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueues (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueues (max_values: None, max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueueHeads (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueueHeads (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet Queries (r:0 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn payout() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `699`
+		//  Estimated: `5313`
+		// Minimum execution time: 510_000_000 picoseconds.
+		Weight::from_parts(513_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(9))
+			.saturating_add(T::DbWeight::get().writes(6))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet Queries (r:1 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn check_status() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `442`
+		//  Estimated: `5313`
+		// Minimum execution time: 257_000_000 picoseconds.
+		Weight::from_parts(257_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn void_spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `172`
+		//  Estimated: `5313`
+		// Minimum execution time: 141_000_000 picoseconds.
+		Weight::from_parts(149_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
 }
diff --git a/runtime/rococo/Cargo.toml b/runtime/rococo/Cargo.toml
index 8c2aa82bfbc2..a9d780ae38bf 100644
--- a/runtime/rococo/Cargo.toml
+++ b/runtime/rococo/Cargo.toml
@@ -76,6 +76,7 @@ pallet-utility = { git = "https://github.com/paritytech/substrate", branch = "ma
 pallet-vesting = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 pallet-xcm = { path = "../../xcm/pallet-xcm", default-features = false, features=["experimental"] }
 pallet-xcm-benchmarks = { path = "../../xcm/pallet-xcm-benchmarks", default-features = false, optional = true }
+pallet-asset-rate = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false }
 
 frame-benchmarking = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false, optional = true }
 frame-try-runtime = { git = "https://github.com/paritytech/substrate", branch = "master", default-features = false, optional = true }
@@ -160,6 +161,7 @@ std = [
 	"pallet-vesting/std",
 	"pallet-babe/std",
 	"pallet-xcm/std",
+	"pallet-asset-rate/std",
 	"polkadot-parachain/std",
 	"sp-mmr-primitives/std",
 	"sp-runtime/std",
@@ -216,6 +218,7 @@ runtime-benchmarks = [
 	"pallet-utility/runtime-benchmarks",
 	"pallet-vesting/runtime-benchmarks",
 	"pallet-xcm/runtime-benchmarks",
+	"pallet-asset-rate/runtime-benchmarks",
 	"frame-system-benchmarking/runtime-benchmarks",
 	"xcm-builder/runtime-benchmarks",
 	"runtime-parachains/runtime-benchmarks",
@@ -264,6 +267,7 @@ try-runtime = [
 	"pallet-xcm/try-runtime",
 	"runtime-common/try-runtime",
 	"runtime-parachains/try-runtime",
+	"pallet-asset-rate/try-runtime",
 ]
 # When enabled, the runtime API will not be build.
 #
diff --git a/runtime/rococo/src/lib.rs b/runtime/rococo/src/lib.rs
index 9800fe0ff754..9ee50d8ff527 100644
--- a/runtime/rococo/src/lib.rs
+++ b/runtime/rococo/src/lib.rs
@@ -30,7 +30,8 @@ use primitives::{
 	ValidationCode, ValidationCodeHash, ValidatorId, ValidatorIndex, PARACHAIN_KEY_TYPE_ID,
 };
 use runtime_common::{
-	assigned_slots, auctions, claims, crowdloan, impl_runtime_weights, impls::ToAuthor,
+	assigned_slots, auctions, claims, crowdloan, impl_runtime_weights,
+	impls::{LocatableAssetId, LocatableAssetIdConverter, ToAuthor},
 	paras_registrar, paras_sudo_wrapper, prod_or_fast, slots, BlockHashCount, BlockLength,
 	SlowAdjustingFeeUpdate,
 };
@@ -64,7 +65,7 @@ use frame_support::{
 	weights::{ConstantMultiplier, WeightMeter},
 	PalletId, RuntimeDebug,
 };
-use frame_system::EnsureRoot;
+use frame_system::{EnsureRoot, EnsureRootWithSuccess};
 use pallet_grandpa::{fg_primitives, AuthorityId as GrandpaId};
 use pallet_im_online::sr25519::AuthorityId as ImOnlineId;
 use pallet_session::historical as session_historical;
@@ -73,8 +74,9 @@ use sp_core::{ConstU128, OpaqueMetadata, H256};
 use sp_runtime::{
 	create_runtime_str, generic, impl_opaque_keys,
 	traits::{
-		AccountIdLookup, BlakeTwo256, Block as BlockT, ConstU32, ConvertInto,
-		Extrinsic as ExtrinsicT, Keccak256, OpaqueKeys, SaturatedConversion, Verify,
+		AccountIdLookup, BlakeTwo256, Block as BlockT, CloneIdentity, ConstU32, ConvertInto,
+		Extrinsic as ExtrinsicT, IdentityLookup, Keccak256, OpaqueKeys, SaturatedConversion,
+		Verify,
 	},
 	transaction_validity::{TransactionPriority, TransactionSource, TransactionValidity},
 	ApplyExtrinsicResult, KeyTypeId, Perbill, Percent, Permill,
@@ -84,7 +86,8 @@ use sp_staking::SessionIndex;
 use sp_version::NativeVersion;
 use sp_version::RuntimeVersion;
 use static_assertions::const_assert;
-use xcm::latest::Junction;
+use xcm::latest::{InteriorMultiLocation, Junction, Junction::PalletInstance, MultiLocation};
+use xcm_builder::PayOverXcm;
 
 pub use frame_system::Call as SystemCall;
 pub use pallet_balances::Call as BalancesCall;
@@ -542,6 +545,10 @@ parameter_types! {
 	pub const SpendPeriod: BlockNumber = 6 * DAYS;
 	pub const Burn: Permill = Permill::from_perthousand(2);
 	pub const TreasuryPalletId: PalletId = PalletId(*b"py/trsry");
+	pub const PayoutSpendPeriod: BlockNumber = 30 * DAYS;
+	// The asset's interior location for the paying account. This is the Treasury
+	// pallet instance (which sits at index 18).
+	pub TreasuryInteriorLocation: InteriorMultiLocation = PalletInstance(18).into();
 
 	pub const TipCountdown: BlockNumber = 1 * DAYS;
 	pub const TipFindersFee: Percent = Percent::from_percent(20);
@@ -551,6 +558,7 @@ parameter_types! {
 	pub const MaxAuthorities: u32 = 100_000;
 	pub const MaxKeys: u32 = 10_000;
 	pub const MaxPeerInHeartbeats: u32 = 10_000;
+	pub const MaxBalance: Balance = Balance::max_value();
 }
 
 type ApproveOrigin = EitherOfDiverse<
@@ -574,7 +582,24 @@ impl pallet_treasury::Config for Runtime {
 	type MaxApprovals = MaxApprovals;
 	type WeightInfo = weights::pallet_treasury::WeightInfo<Runtime>;
 	type SpendFunds = Bounties;
-	type SpendOrigin = frame_support::traits::NeverEnsureOrigin<Balance>;
+	type SpendOrigin = EnsureRootWithSuccess<AccountId, MaxBalance>;
+	type AssetKind = LocatableAssetId;
+	type Beneficiary = MultiLocation;
+	type BeneficiaryLookup = IdentityLookup<Self::Beneficiary>;
+	type Paymaster = PayOverXcm<
+		TreasuryInteriorLocation,
+		crate::xcm_config::XcmRouter,
+		crate::XcmPallet,
+		ConstU32<{ 6 * HOURS }>,
+		Self::Beneficiary,
+		Self::AssetKind,
+		LocatableAssetIdConverter,
+		CloneIdentity,
+	>;
+	type BalanceConverter = AssetRate;
+	type PayoutPeriod = PayoutSpendPeriod;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::TreasuryArguments;
 }
 
 parameter_types! {
@@ -1361,6 +1386,18 @@ impl pallet_sudo::Config for Runtime {
 	type WeightInfo = weights::pallet_sudo::WeightInfo<Runtime>;
 }
 
+impl pallet_asset_rate::Config for Runtime {
+	type WeightInfo = weights::pallet_asset_rate::WeightInfo<Runtime>;
+	type RuntimeEvent = RuntimeEvent;
+	type CreateOrigin = EnsureRoot<AccountId>;
+	type RemoveOrigin = EnsureRoot<AccountId>;
+	type UpdateOrigin = EnsureRoot<AccountId>;
+	type Currency = Balances;
+	type AssetKind = <Runtime as pallet_treasury::Config>::AssetKind;
+	#[cfg(feature = "runtime-benchmarks")]
+	type BenchmarkHelper = runtime_common::impls::benchmarks::AssetRateArguments;
+}
+
 construct_runtime! {
 	pub enum Runtime
 	{
@@ -1427,6 +1464,9 @@ construct_runtime! {
 		// Preimage registrar.
 		Preimage: pallet_preimage::{Pallet, Call, Storage, Event<T>} = 32,
 
+		// Asset rate.
+		AssetRate: pallet_asset_rate::{Pallet, Call, Storage, Event<T>} = 39,
+
 		// Bounties modules.
 		Bounties: pallet_bounties::{Pallet, Call, Storage, Event<T>} = 35,
 		ChildBounties: pallet_child_bounties = 40,
@@ -1612,6 +1652,7 @@ mod benches {
 		[pallet_treasury, Treasury]
 		[pallet_utility, Utility]
 		[pallet_vesting, Vesting]
+		[pallet_asset_rate, AssetRate]
 		// XCM
 		[pallet_xcm, XcmPallet]
 		[pallet_xcm_benchmarks::fungible, pallet_xcm_benchmarks::fungible::Pallet::<Runtime>]
diff --git a/runtime/rococo/src/weights/mod.rs b/runtime/rococo/src/weights/mod.rs
index 5bc39330e28e..857db3ad6c25 100644
--- a/runtime/rococo/src/weights/mod.rs
+++ b/runtime/rococo/src/weights/mod.rs
@@ -16,6 +16,7 @@
 //! A list of the different weight modules for our runtime.
 
 pub mod frame_system;
+pub mod pallet_asset_rate;
 pub mod pallet_balances;
 pub mod pallet_balances_nis_counterpart_balances;
 pub mod pallet_bounties;
diff --git a/runtime/rococo/src/weights/pallet_asset_rate.rs b/runtime/rococo/src/weights/pallet_asset_rate.rs
new file mode 100644
index 000000000000..da2d1958cefc
--- /dev/null
+++ b/runtime/rococo/src/weights/pallet_asset_rate.rs
@@ -0,0 +1,86 @@
+// Copyright (C) Parity Technologies (UK) Ltd.
+// This file is part of Polkadot.
+
+// Polkadot is free software: you can redistribute it and/or modify
+// it under the terms of the GNU General Public License as published by
+// the Free Software Foundation, either version 3 of the License, or
+// (at your option) any later version.
+
+// Polkadot is distributed in the hope that it will be useful,
+// but WITHOUT ANY WARRANTY; without even the implied warranty of
+// MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+// GNU General Public License for more details.
+
+// You should have received a copy of the GNU General Public License
+// along with Polkadot.  If not, see <http://www.gnu.org/licenses/>.
+
+//! Autogenerated weights for `pallet_asset_rate`
+//!
+//! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
+//! DATE: 2023-07-03, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! WORST CASE MAP SIZE: `1000000`
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("rococo-dev"), DB CACHE: 1024
+
+// Executed Command:
+// ./target/debug/polkadot
+// benchmark
+// pallet
+// --chain=rococo-dev
+// --steps=50
+// --repeat=2
+// --pallet=pallet_asset_rate
+// --extrinsic=*
+// --wasm-execution=compiled
+// --heap-pages=4096
+// --output=./runtime/rococo/src/weights/
+// --header=./file_header.txt
+
+#![cfg_attr(rustfmt, rustfmt_skip)]
+#![allow(unused_parens)]
+#![allow(unused_imports)]
+#![allow(missing_docs)]
+
+use frame_support::{traits::Get, weights::Weight};
+use core::marker::PhantomData;
+
+/// Weight functions for `pallet_asset_rate`.
+pub struct WeightInfo<T>(PhantomData<T>);
+impl<T: frame_system::Config> pallet_asset_rate::WeightInfo for WeightInfo<T> {
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn create() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `42`
+		//  Estimated: `4702`
+		// Minimum execution time: 143_000_000 picoseconds.
+		Weight::from_parts(155_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn update() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 156_000_000 picoseconds.
+		Weight::from_parts(172_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:1)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	fn remove() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `110`
+		//  Estimated: `4702`
+		// Minimum execution time: 150_000_000 picoseconds.
+		Weight::from_parts(160_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
+}
diff --git a/runtime/rococo/src/weights/pallet_treasury.rs b/runtime/rococo/src/weights/pallet_treasury.rs
index 041d976d8257..144e9d5b8723 100644
--- a/runtime/rococo/src/weights/pallet_treasury.rs
+++ b/runtime/rococo/src/weights/pallet_treasury.rs
@@ -17,24 +17,24 @@
 //! Autogenerated weights for `pallet_treasury`
 //!
 //! THIS FILE WAS AUTO-GENERATED USING THE SUBSTRATE BENCHMARK CLI VERSION 4.0.0-dev
-//! DATE: 2023-05-26, STEPS: `50`, REPEAT: `20`, LOW RANGE: `[]`, HIGH RANGE: `[]`
+//! DATE: 2023-07-07, STEPS: `50`, REPEAT: `2`, LOW RANGE: `[]`, HIGH RANGE: `[]`
 //! WORST CASE MAP SIZE: `1000000`
-//! HOSTNAME: `bm5`, CPU: `Intel(R) Core(TM) i7-7700K CPU @ 4.20GHz`
-//! EXECUTION: Some(Wasm), WASM-EXECUTION: Compiled, CHAIN: Some("rococo-dev"), DB CACHE: 1024
+//! HOSTNAME: `cob`, CPU: `<UNKNOWN>`
+//! EXECUTION: None, WASM-EXECUTION: Compiled, CHAIN: Some("rococo-dev"), DB CACHE: 1024
 
 // Executed Command:
-// ./target/production/polkadot
+// ./target/debug/polkadot
 // benchmark
 // pallet
 // --chain=rococo-dev
 // --steps=50
-// --repeat=20
+// --repeat=2
 // --pallet=pallet_treasury
 // --extrinsic=*
-// --execution=wasm
 // --wasm-execution=compiled
-// --header=./file_header.txt
+// --heap-pages=4096
 // --output=./runtime/rococo/src/weights/
+// --header=./file_header.txt
 
 #![cfg_attr(rustfmt, rustfmt_skip)]
 #![allow(unused_parens)]
@@ -47,13 +47,21 @@ use core::marker::PhantomData;
 /// Weight functions for `pallet_treasury`.
 pub struct WeightInfo<T>(PhantomData<T>);
 impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
-	fn spend() -> Weight {
+	/// Storage: Treasury ProposalCount (r:1 w:1)
+	/// Proof: Treasury ProposalCount (max_values: Some(1), max_size: Some(4), added: 499, mode: MaxEncodedLen)
+	/// Storage: Treasury Approvals (r:1 w:1)
+	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
+	/// Storage: Treasury Proposals (r:0 w:1)
+	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
+	fn spend_local() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `0`
-		//  Estimated: `0`
-		// Minimum execution time: 204_000 picoseconds.
-		Weight::from_parts(233_000, 0)
-			.saturating_add(Weight::from_parts(0, 0))
+		//  Measured:  `42`
+		//  Estimated: `1887`
+		// Minimum execution time: 177_000_000 picoseconds.
+		Weight::from_parts(191_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 1887))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(3))
 	}
 	/// Storage: Treasury ProposalCount (r:1 w:1)
 	/// Proof: Treasury ProposalCount (max_values: Some(1), max_size: Some(4), added: 499, mode: MaxEncodedLen)
@@ -61,10 +69,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
 	fn propose_spend() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `107`
+		//  Measured:  `143`
 		//  Estimated: `1489`
-		// Minimum execution time: 27_592_000 picoseconds.
-		Weight::from_parts(27_960_000, 0)
+		// Minimum execution time: 354_000_000 picoseconds.
+		Weight::from_parts(376_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1489))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -75,10 +83,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	fn reject_proposal() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `265`
+		//  Measured:  `301`
 		//  Estimated: `3593`
-		// Minimum execution time: 40_336_000 picoseconds.
-		Weight::from_parts(41_085_000, 0)
+		// Minimum execution time: 547_000_000 picoseconds.
+		Weight::from_parts(550_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 3593))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(2))
@@ -90,13 +98,13 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// The range of component `p` is `[0, 99]`.
 	fn approve_proposal(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `433 + p * (8 ±0)`
+		//  Measured:  `470 + p * (8 ±0)`
 		//  Estimated: `3573`
-		// Minimum execution time: 9_938_000 picoseconds.
-		Weight::from_parts(12_061_206, 0)
+		// Minimum execution time: 104_000_000 picoseconds.
+		Weight::from_parts(121_184_402, 0)
 			.saturating_add(Weight::from_parts(0, 3573))
-			// Standard Error: 801
-			.saturating_add(Weight::from_parts(26_602, 0).saturating_mul(p.into()))
+			// Standard Error: 42_854
+			.saturating_add(Weight::from_parts(153_112, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(2))
 			.saturating_add(T::DbWeight::get().writes(1))
 	}
@@ -104,10 +112,10 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
 	fn remove_approval() -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `90`
+		//  Measured:  `127`
 		//  Estimated: `1887`
-		// Minimum execution time: 7_421_000 picoseconds.
-		Weight::from_parts(7_620_000, 0)
+		// Minimum execution time: 80_000_000 picoseconds.
+		Weight::from_parts(82_000_000, 0)
 			.saturating_add(Weight::from_parts(0, 1887))
 			.saturating_add(T::DbWeight::get().reads(1))
 			.saturating_add(T::DbWeight::get().writes(1))
@@ -118,26 +126,98 @@ impl<T: frame_system::Config> pallet_treasury::WeightInfo for WeightInfo<T> {
 	/// Proof: Balances InactiveIssuance (max_values: Some(1), max_size: Some(16), added: 511, mode: MaxEncodedLen)
 	/// Storage: Treasury Approvals (r:1 w:1)
 	/// Proof: Treasury Approvals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// Storage: Treasury Proposals (r:100 w:100)
+	/// Storage: Treasury Proposals (r:99 w:99)
 	/// Proof: Treasury Proposals (max_values: None, max_size: Some(108), added: 2583, mode: MaxEncodedLen)
-	/// Storage: System Account (r:201 w:201)
+	/// Storage: System Account (r:199 w:199)
 	/// Proof: System Account (max_values: None, max_size: Some(128), added: 2603, mode: MaxEncodedLen)
 	/// Storage: Bounties BountyApprovals (r:1 w:1)
 	/// Proof: Bounties BountyApprovals (max_values: Some(1), max_size: Some(402), added: 897, mode: MaxEncodedLen)
-	/// The range of component `p` is `[0, 100]`.
+	/// The range of component `p` is `[0, 99]`.
 	fn on_initialize_proposals(p: u32, ) -> Weight {
 		// Proof Size summary in bytes:
-		//  Measured:  `296 + p * (251 ±0)`
+		//  Measured:  `331 + p * (251 ±0)`
 		//  Estimated: `3593 + p * (5206 ±0)`
-		// Minimum execution time: 62_706_000 picoseconds.
-		Weight::from_parts(61_351_470, 0)
+		// Minimum execution time: 887_000_000 picoseconds.
+		Weight::from_parts(828_616_021, 0)
 			.saturating_add(Weight::from_parts(0, 3593))
-			// Standard Error: 32_787
-			.saturating_add(Weight::from_parts(37_873_920, 0).saturating_mul(p.into()))
+			// Standard Error: 695_351
+			.saturating_add(Weight::from_parts(566_114_524, 0).saturating_mul(p.into()))
 			.saturating_add(T::DbWeight::get().reads(5))
 			.saturating_add(T::DbWeight::get().reads((3_u64).saturating_mul(p.into())))
 			.saturating_add(T::DbWeight::get().writes(5))
 			.saturating_add(T::DbWeight::get().writes((3_u64).saturating_mul(p.into())))
 			.saturating_add(Weight::from_parts(0, 5206).saturating_mul(p.into()))
 	}
+	/// Storage: AssetRate ConversionRateToNative (r:1 w:0)
+	/// Proof: AssetRate ConversionRateToNative (max_values: None, max_size: Some(1237), added: 3712, mode: MaxEncodedLen)
+	/// Storage: Treasury SpendCount (r:1 w:1)
+	/// Proof: Treasury SpendCount (max_values: Some(1), max_size: Some(4), added: 499, mode: MaxEncodedLen)
+	/// Storage: Treasury Spends (r:0 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `114`
+		//  Estimated: `4702`
+		// Minimum execution time: 208_000_000 picoseconds.
+		Weight::from_parts(222_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 4702))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet QueryCounter (r:1 w:1)
+	/// Proof Skipped: XcmPallet QueryCounter (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Configuration ActiveConfig (r:1 w:0)
+	/// Proof Skipped: Configuration ActiveConfig (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DeliveryFeeFactor (r:1 w:0)
+	/// Proof Skipped: Dmp DeliveryFeeFactor (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet SupportedVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SupportedVersion (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet VersionDiscoveryQueue (r:1 w:1)
+	/// Proof Skipped: XcmPallet VersionDiscoveryQueue (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: XcmPallet SafeXcmVersion (r:1 w:0)
+	/// Proof Skipped: XcmPallet SafeXcmVersion (max_values: Some(1), max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueues (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueues (max_values: None, max_size: None, mode: Measured)
+	/// Storage: Dmp DownwardMessageQueueHeads (r:1 w:1)
+	/// Proof Skipped: Dmp DownwardMessageQueueHeads (max_values: None, max_size: None, mode: Measured)
+	/// Storage: XcmPallet Queries (r:0 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn payout() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `737`
+		//  Estimated: `5313`
+		// Minimum execution time: 551_000_000 picoseconds.
+		Weight::from_parts(569_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(9))
+			.saturating_add(T::DbWeight::get().writes(6))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	/// Storage: XcmPallet Queries (r:1 w:1)
+	/// Proof Skipped: XcmPallet Queries (max_values: None, max_size: None, mode: Measured)
+	fn check_status() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `442`
+		//  Estimated: `5313`
+		// Minimum execution time: 245_000_000 picoseconds.
+		Weight::from_parts(281_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(2))
+			.saturating_add(T::DbWeight::get().writes(2))
+	}
+	/// Storage: Treasury Spends (r:1 w:1)
+	/// Proof: Treasury Spends (max_values: None, max_size: Some(1848), added: 4323, mode: MaxEncodedLen)
+	fn void_spend() -> Weight {
+		// Proof Size summary in bytes:
+		//  Measured:  `172`
+		//  Estimated: `5313`
+		// Minimum execution time: 147_000_000 picoseconds.
+		Weight::from_parts(160_000_000, 0)
+			.saturating_add(Weight::from_parts(0, 5313))
+			.saturating_add(T::DbWeight::get().reads(1))
+			.saturating_add(T::DbWeight::get().writes(1))
+	}
 }
diff --git a/runtime/test-runtime/Cargo.toml b/runtime/test-runtime/Cargo.toml
index b3318f59477e..9ccf7b0cb03a 100644
--- a/runtime/test-runtime/Cargo.toml
+++ b/runtime/test-runtime/Cargo.toml
@@ -134,4 +134,23 @@ std = [
 runtime-benchmarks = [
 	"pallet-xcm/runtime-benchmarks",
 	"xcm-builder/runtime-benchmarks",
+	"frame-election-provider-support/runtime-benchmarks",
+	"frame-support/runtime-benchmarks",
+	"frame-system/runtime-benchmarks",
+	"pallet-babe/runtime-benchmarks",
+	"pallet-balances/runtime-benchmarks",
+	"pallet-grandpa/runtime-benchmarks",
+	"pallet-indices/runtime-benchmarks",
+	"pallet-offences/runtime-benchmarks",
+	"pallet-staking/runtime-benchmarks",
+	"pallet-sudo/runtime-benchmarks",
+	"pallet-timestamp/runtime-benchmarks",
+	"pallet-vesting/runtime-benchmarks",
+	"polkadot-parachain/runtime-benchmarks",
+	"primitives/runtime-benchmarks",
+	"runtime-common/runtime-benchmarks",
+	"polkadot-runtime-parachains/runtime-benchmarks",
+	"sp-runtime/runtime-benchmarks",
+	"sp-staking/runtime-benchmarks",
+	"xcm-executor/runtime-benchmarks",
 ]