diff --git a/openpype/client/server/conversion_utils.py b/openpype/client/server/conversion_utils.py
index 24d4678095..42df337b6d 100644
--- a/openpype/client/server/conversion_utils.py
+++ b/openpype/client/server/conversion_utils.py
@@ -133,7 +133,6 @@ def _get_default_template_name(templates):
 def _template_replacements_to_v3(template):
     return (
         template
-        .replace("{folder[name]}", "{asset}")
         .replace("{product[name]}", "{subset}")
         .replace("{product[type]}", "{family}")
     )
@@ -715,7 +714,6 @@ def convert_v4_representation_to_v3(representation):
     if "template" in output_data:
         output_data["template"] = (
             output_data["template"]
-            .replace("{folder[name]}", "{asset}")
             .replace("{product[name]}", "{subset}")
             .replace("{product[type]}", "{family}")
         )
@@ -977,7 +975,6 @@ def convert_create_representation_to_v4(representation, con):
     representation_data = representation["data"]
     representation_data["template"] = (
         representation_data["template"]
-        .replace("{asset}", "{folder[name]}")
         .replace("{subset}", "{product[name]}")
         .replace("{family}", "{product[type]}")
     )
@@ -1266,7 +1263,6 @@ def convert_update_representation_to_v4(
     if "template" in attribs:
         attribs["template"] = (
             attribs["template"]
-            .replace("{asset}", "{folder[name]}")
             .replace("{family}", "{product[type]}")
             .replace("{subset}", "{product[name]}")
         )
diff --git a/openpype/hosts/maya/api/plugin.py b/openpype/hosts/maya/api/plugin.py
index 0ee02d8485..bfe01c8981 100644
--- a/openpype/hosts/maya/api/plugin.py
+++ b/openpype/hosts/maya/api/plugin.py
@@ -581,6 +581,9 @@ class ReferenceLoader(Loader):
         formatting_data = {
             "asset_name": asset['name'],
             "asset_type": asset['type'],
+            "folder": {
+                "name": asset["name"],
+            },
             "subset": subset['name'],
             "family": (
                 subset['data'].get('family') or
diff --git a/openpype/lib/usdlib.py b/openpype/lib/usdlib.py
index cb96a0c1d0..c166feb3a6 100644
--- a/openpype/lib/usdlib.py
+++ b/openpype/lib/usdlib.py
@@ -334,6 +334,9 @@ def get_usd_master_path(asset, subset, representation):
                 "name": project_name,
                 "code": project_doc.get("data", {}).get("code")
             },
+            "folder": {
+                "name": asset_doc["name"],
+            },
             "asset": asset_doc["name"],
             "subset": subset,
             "representation": representation,
diff --git a/openpype/pipeline/template_data.py b/openpype/pipeline/template_data.py
index fd21930ecc..a48f0721b6 100644
--- a/openpype/pipeline/template_data.py
+++ b/openpype/pipeline/template_data.py
@@ -94,6 +94,9 @@ def get_asset_template_data(asset_doc, project_name):
 
     return {
         "asset": asset_doc["name"],
+        "folder": {
+            "name": asset_doc["name"]
+        },
         "hierarchy": hierarchy,
         "parent": parent_name
     }
diff --git a/openpype/settings/ayon_settings.py b/openpype/settings/ayon_settings.py
index 10f43dc377..78eed359a3 100644
--- a/openpype/settings/ayon_settings.py
+++ b/openpype/settings/ayon_settings.py
@@ -599,7 +599,6 @@ def _convert_maya_project_settings(ayon_settings, output):
     reference_loader = ayon_maya_load["reference_loader"]
     reference_loader["namespace"] = (
         reference_loader["namespace"]
-        .replace("{folder[name]}", "{asset_name}")
         .replace("{product[name]}", "{subset}")
     )