diff --git a/config/assets.php b/config/assets.php
index ddeab7d3b3..29849e21cb 100644
--- a/config/assets.php
+++ b/config/assets.php
@@ -169,6 +169,18 @@
 
     'cache_meta' => true,
 
+    /*
+    |--------------------------------------------------------------------------
+    | Metadata as Content
+    |--------------------------------------------------------------------------
+    |
+    | Asset metadata will be saved as content alongside the rest of the content.
+    | This is useful when wanting to track metadata changes in git while using
+    | another storage location for assets (ie. S3).
+    |
+    */
+    'meta_as_content' => false,
+
     /*
     |--------------------------------------------------------------------------
     | Focal Point Editor
diff --git a/config/stache.php b/config/stache.php
index 6cca12baba..ba2250480c 100644
--- a/config/stache.php
+++ b/config/stache.php
@@ -93,6 +93,7 @@
 
         'assets' => [
             'class' => Stores\AssetsStore::class,
+            'directory' => base_path('content/assets'),
         ],
 
         'users' => [
diff --git a/src/Assets/Asset.php b/src/Assets/Asset.php
index 9e815ff445..e8a20c15d7 100644
--- a/src/Assets/Asset.php
+++ b/src/Assets/Asset.php
@@ -35,8 +35,10 @@
 use Statamic\Facades;
 use Statamic\Facades\AssetContainer as AssetContainerAPI;
 use Statamic\Facades\Blink;
+use Statamic\Facades\File;
 use Statamic\Facades\Image;
 use Statamic\Facades\Path;
+use Statamic\Facades\Stache;
 use Statamic\Facades\URL;
 use Statamic\Facades\YAML;
 use Statamic\GraphQL\ResolvesValues;
@@ -261,8 +263,13 @@ public function meta($key = null)
         }
 
         return $this->meta = $this->cacheStore()->rememberForever($this->metaCacheKey(), function () {
-            if ($contents = $this->disk()->get($path = $this->metaPath())) {
-                return YAML::file($path)->parse($contents);
+            $contents = match (config('statamic.assets.meta_as_content')) {
+                true => File::get($this->metaPath()),
+                false => $this->disk()->get($this->metaPath()),
+            };
+
+            if ($contents) {
+                return YAML::parse($contents);
             }
 
             $this->writeMeta($meta = $this->generateMeta());
@@ -308,13 +315,30 @@ public function generateMeta()
 
     public function metaPath()
     {
-        $path = dirname($this->path()).'/.meta/'.$this->basename().'.yaml';
-
-        return (string) Str::of($path)->replaceFirst('./', '')->ltrim('/');
+        return Str::of($this->path())
+            ->dirname()
+            ->finish('/') // Sometimes the dirname is just '.', so we ensure it ends with a slash
+            ->replaceFirst('./', '')
+            ->explode('/')
+            ->when(
+                config('statamic.assets.meta_as_content'),
+                fn ($path) => collect([
+                    Stache::store('assets')->directory(),
+                    $this->container()->handle(),
+                ])->concat($path),
+                fn ($path) => $path->push('.meta'),
+            )
+            ->push($this->basename().'.yaml')
+            ->filter() // Remove any empty segments
+            ->implode('/');
     }
 
     protected function metaExists()
     {
+        if (config('statamic.assets.meta_as_content')) {
+            return File::exists($this->metaPath());
+        }
+
         return $this->container()->metaFiles()->contains($this->metaPath());
     }
 
@@ -324,7 +348,12 @@ public function writeMeta($meta)
 
         $contents = YAML::dump($meta);
 
-        $this->disk()->put($this->metaPath(), $contents);
+        if (config('statamic.assets.meta_as_content')) {
+            File::makeDirectory(dirname($this->metaPath()), 0755, true);
+            File::put($this->metaPath(), $contents);
+        } else {
+            $this->disk()->put($this->metaPath(), $contents);
+        }
     }
 
     public function metaCacheKey()
@@ -683,7 +712,12 @@ public function delete()
         }
 
         $this->disk()->delete($this->path());
-        $this->disk()->delete($this->metaPath());
+
+        if (config('statamic.assets.meta_as_content')) {
+            File::delete($this->metaPath());
+        } else {
+            $this->disk()->delete($this->metaPath());
+        }
 
         Facades\Asset::delete($this);
 
@@ -779,7 +813,11 @@ public function move($folder, $filename = null)
         $this->path($newPath);
         $this->save();
 
-        $this->disk()->rename($oldMetaPath, $this->metaPath());
+        if (config('statamic.assets.meta_as_content')) {
+            File::move($oldMetaPath, $this->metaPath());
+        } else {
+            $this->disk()->rename($oldMetaPath, $this->metaPath());
+        }
 
         return $this;
     }
diff --git a/tests/Assets/AssetTest.php b/tests/Assets/AssetTest.php
index 516df9febd..88fe1e7440 100644
--- a/tests/Assets/AssetTest.php
+++ b/tests/Assets/AssetTest.php
@@ -34,6 +34,7 @@
 use Statamic\Facades;
 use Statamic\Facades\Antlers;
 use Statamic\Facades\File;
+use Statamic\Facades\Stache;
 use Statamic\Facades\YAML;
 use Statamic\Fields\Blueprint;
 use Statamic\Fields\Fieldtype;
@@ -59,10 +60,12 @@ public function setUp(): void
         config(['cache.default' => 'file']);
         Cache::clear();
 
-        config(['filesystems.disks.test' => [
-            'driver' => 'local',
-            'root' => __DIR__.'/tmp',
-        ]]);
+        config([
+            'filesystems.disks.test' => [
+                'driver' => 'local',
+                'root' => __DIR__.'/tmp',
+            ],
+        ]);
 
         $this->container = (new AssetContainer)
             ->handle('test_container')
@@ -352,11 +355,13 @@ public static function reAddRemovedDataProvider()
             'by calling set method' => [fn ($asset) => $asset->set('one', 'new-foo')],
             'by calling data method' => [fn ($asset) => $asset->data(['one' => 'new-foo', 'two' => 'bar', 'three' => 'qux'])],
             'by calling merge method' => [fn ($asset) => $asset->merge(['one' => 'new-foo', 'three' => 'qux'])],
-            'by calling __set() magically via property' => [function ($asset) {
-                $asset->one = 'new-foo';
+            'by calling __set() magically via property' => [
+                function ($asset) {
+                    $asset->one = 'new-foo';
 
-                return $asset;
-            }],
+                    return $asset;
+                },
+            ],
         ];
     }
 
@@ -635,8 +640,33 @@ public function it_checks_if_its_an_image_file()
     public function it_checks_if_it_can_be_previewed_in_google_docs_previewer()
     {
         $extensions = [
-            'doc', 'docx', 'pages', 'txt', 'ai', 'psd', 'eps', 'ps', 'css', 'html', 'php', 'c', 'cpp', 'h', 'hpp', 'js',
-            'ppt', 'pptx', 'flv', 'tiff', 'ttf', 'dxf', 'xps', 'zip', 'rar', 'xls', 'xlsx',
+            'doc',
+            'docx',
+            'pages',
+            'txt',
+            'ai',
+            'psd',
+            'eps',
+            'ps',
+            'css',
+            'html',
+            'php',
+            'c',
+            'cpp',
+            'h',
+            'hpp',
+            'js',
+            'ppt',
+            'pptx',
+            'flv',
+            'tiff',
+            'ttf',
+            'dxf',
+            'xps',
+            'zip',
+            'rar',
+            'xls',
+            'xlsx',
         ];
 
         foreach ($extensions as $ext) {
@@ -725,6 +755,29 @@ public function it_gets_existing_meta_data()
         $this->assertEquals($expected, Cache::get($asset->metaCacheKey()));
     }
 
+    #[Test]
+    public function it_gets_existing_meta_data_as_content()
+    {
+        config()->set('statamic.assets.meta_as_content', true);
+        $relativePath = 'foo/test.txt';
+        $metaFilePath = Stache::store('assets')->directory()."/test/{$relativePath}.yaml";
+
+        Storage::fake('test');
+        Storage::disk('test')->put($relativePath, '');
+
+        File::makeDirectory(dirname($metaFilePath), 0755, true);
+        File::put($metaFilePath, YAML::dump($data = [
+            'data' => ['foo' => 'bar'],
+            'size' => 123,
+        ]));
+
+        $container = tap(Facades\AssetContainer::make('test')->disk('test'))->save();
+        $asset = (new Asset)->container($container)->path($relativePath);
+
+        $this->assertEquals($metaFilePath, $asset->metaPath());
+        $this->assertEquals($data, $asset->meta());
+    }
+
     #[Test]
     public function it_properly_merges_new_unsaved_data_to_meta()
     {
@@ -1275,6 +1328,36 @@ public function it_doesnt_lowercase_moved_files_when_configured()
         ], $container->assets('/', true)->map->path()->all());
     }
 
+    #[Test]
+    public function it_can_be_moved_to_another_folder_and_renamed_when_meta_as_content()
+    {
+        config()->set('statamic.assets.meta_as_content', true);
+
+        Storage::fake('test');
+        $disk = Storage::disk('test');
+        $disk->put('old/asset.txt', 'The asset contents');
+
+        $container = tap(Facades\AssetContainer::make('test')->disk('test'))->save();
+        $asset = tap($container->makeAsset('old/asset.txt')->data(['foo' => 'bar']))->save();
+        $meta = $asset->meta();
+
+        $metaPath = Stache::store('assets')->directory().'/'.$container->handle();
+
+        $this->assertFileExists("{$metaPath}/old/asset.txt.yaml");
+        $this->assertEquals(YAML::dump($asset->meta()), File::get("{$metaPath}/old/asset.txt.yaml"));
+        $this->assertEquals(['old/asset.txt'], $container->files()->all());
+
+        $return = $asset->move('new', 'asset2');
+
+        $this->assertEquals($return, $asset);
+        $disk->assertMissing('old/asset.txt');
+        $this->assertFileDoesNotExist("{$metaPath}/old/asset.txt.yaml");
+        $disk->assertExists('new/asset2.txt');
+        $this->assertFileExists($newMetaPath = "{$metaPath}/new/asset2.txt.yaml");
+        $this->assertEquals(YAML::dump($meta), File::get($newMetaPath));
+        $this->assertEquals(['new/asset2.txt'], $container->files()->all());
+    }
+
     #[Test]
     public function it_can_be_moved_uniquely_to_another_folder_when_conflict_exists()
     {
@@ -1936,10 +2019,12 @@ public function it_can_upload_an_image_into_a_container_with_glide_config()
     {
         Event::fake();
 
-        config(['statamic.assets.image_manipulation.presets.small' => [
-            'w' => '15',
-            'h' => '15',
-        ]]);
+        config([
+            'statamic.assets.image_manipulation.presets.small' => [
+                'w' => '15',
+                'h' => '15',
+            ],
+        ]);
 
         $this->container->sourcePreset('small');
 
@@ -1982,9 +2067,11 @@ public function it_can_upload_an_image_into_a_container_with_new_extension_forma
     {
         Event::fake();
 
-        config(['statamic.assets.image_manipulation.presets.enforce_png' => [
-            $formatParam => 'png',
-        ]]);
+        config([
+            'statamic.assets.image_manipulation.presets.enforce_png' => [
+                $formatParam => 'png',
+            ],
+        ]);
 
         $this->container->sourcePreset('enforce_png');
 
@@ -2018,9 +2105,11 @@ public function it_normalizes_pjpg_format_to_jpg_extension_on_upload()
     {
         Event::fake();
 
-        config(['statamic.assets.image_manipulation.presets.progressive' => [
-            'fm' => 'pjpg',
-        ]]);
+        config([
+            'statamic.assets.image_manipulation.presets.progressive' => [
+                'fm' => 'pjpg',
+            ],
+        ]);
 
         $this->container->sourcePreset('progressive');
 
@@ -2105,10 +2194,12 @@ public function it_doesnt_process_or_error_when_uploading_non_glideable_file_wit
     {
         Event::fake();
 
-        config(['statamic.assets.image_manipulation.presets.small' => [
-            'w' => '15',
-            'h' => '15',
-        ]]);
+        config([
+            'statamic.assets.image_manipulation.presets.small' => [
+                'w' => '15',
+                'h' => '15',
+            ],
+        ]);
 
         $this->container->sourcePreset('small');
 
@@ -2418,10 +2509,21 @@ public function it_sends_a_download_response_with_a_different_name_and_custom_he
     private function toArrayKeysWhenFileExists()
     {
         return [
-            'size', 'size_bytes', 'size_kilobytes', 'size_megabytes', 'size_gigabytes',
-            'size_b', 'size_kb', 'size_mb', 'size_gb',
-            'last_modified', 'last_modified_timestamp', 'last_modified_instance',
-            'focus', 'focus_css', 'mime_type',
+            'size',
+            'size_bytes',
+            'size_kilobytes',
+            'size_megabytes',
+            'size_gigabytes',
+            'size_b',
+            'size_kb',
+            'size_mb',
+            'size_gb',
+            'last_modified',
+            'last_modified_timestamp',
+            'last_modified_instance',
+            'focus',
+            'focus_css',
+            'mime_type',
         ];
     }
 
diff --git a/tests/TestCase.php b/tests/TestCase.php
index e219e3695e..ca96c15215 100644
--- a/tests/TestCase.php
+++ b/tests/TestCase.php
@@ -111,6 +111,7 @@ protected function getEnvironmentSetUp($app)
         $app['config']->set('statamic.stache.stores.globals.directory', __DIR__.'/__fixtures__/content/globals');
         $app['config']->set('statamic.stache.stores.global-variables.directory', __DIR__.'/__fixtures__/content/globals');
         $app['config']->set('statamic.stache.stores.asset-containers.directory', __DIR__.'/__fixtures__/content/assets');
+        $app['config']->set('statamic.stache.stores.assets.directory', __DIR__.'/__fixtures__/content/assets');
         $app['config']->set('statamic.stache.stores.nav-trees.directory', __DIR__.'/__fixtures__/content/structures/navigation');
         $app['config']->set('statamic.stache.stores.collection-trees.directory', __DIR__.'/__fixtures__/content/structures/collections');
         $app['config']->set('statamic.stache.stores.form-submissions.directory', __DIR__.'/__fixtures__/content/submissions');