diff --git a/pxr/usd/usdUtils/plugInfo.json b/pxr/usd/usdUtils/plugInfo.json
index 1962a094a6..d26d50cb41 100644
--- a/pxr/usd/usdUtils/plugInfo.json
+++ b/pxr/usd/usdUtils/plugInfo.json
@@ -3,6 +3,9 @@
         {
             "Info": {
                 "Validators": {
+                    "MissingReferenceValidator": {
+                        "doc": "The composed USD stage should not contain any unresolvable asset dependencies (in every possible variation of the asset), when using the default asset resolver."
+                    },
                     "PackageEncapsulationValidator": {
                         "doc": "If the root layer is a package, then its recommended for the composed stage to not contain references to files outside the package. The package should be self-contained, warn if not.", 
                         "keywords": [
diff --git a/pxr/usd/usdUtils/testenv/testUsdUtilsValidators.cpp b/pxr/usd/usdUtils/testenv/testUsdUtilsValidators.cpp
index 165b8e917f..787b8424a1 100644
--- a/pxr/usd/usdUtils/testenv/testUsdUtilsValidators.cpp
+++ b/pxr/usd/usdUtils/testenv/testUsdUtilsValidators.cpp
@@ -7,9 +7,9 @@
 
 #include "pxr/usd/usd/validator.h"
 #include "pxr/usd/usd/validationError.h"
+#include "pxr/usd/usdGeom/xform.h"
 #include "pxr/usd/usdUtils/validatorTokens.h"
 #include "pxr/usd/usd/validationRegistry.h"
-#include "pxr/base/arch/systemInfo.h"
 #include "pxr/base/tf/pathUtils.h"
 
 #include <filesystem>
@@ -30,7 +30,7 @@ TestUsdUsdzValidators()
     UsdValidationRegistry& registry = UsdValidationRegistry::GetInstance();
     UsdValidatorMetadataVector metadata =
             registry.GetValidatorMetadataForPlugin(_tokens->usdUtilsPlugin);
-    TF_AXIOM(metadata.size() == 1);
+    TF_AXIOM(metadata.size() == 2);
     // Since other validators can be registered with a UsdUtilsValidators
     // keyword, our validators registered in usd are a subset of the entire
     // set.
@@ -40,7 +40,8 @@ TestUsdUsdzValidators()
     }
 
     const std::set<TfToken> expectedValidatorNames =
-            {UsdUtilsValidatorNameTokens->packageEncapsulationValidator};
+            {UsdUtilsValidatorNameTokens->packageEncapsulationValidator,
+            UsdUtilsValidatorNameTokens->missingReferenceValidator};
 
     TF_AXIOM(validatorMetadataNameSet == expectedValidatorNames);
 }
@@ -73,12 +74,12 @@ TestPackageEncapsulationValidator()
     const std::string& rootLayerIdentifier = rootLayer->GetIdentifier();
     const std::string realUsdzPath = rootLayer->GetRealPath();
     const std::string errorLayer = TfStringCatPaths(
-        TfGetPathName(TfAbsPath(rootLayerIdentifier)), 
+        TfGetPathName(TfAbsPath(rootLayerIdentifier)),
         "excludedDirectory/layer.usda");
 
-    std::filesystem::path parentDir = 
+    std::filesystem::path parentDir =
         std::filesystem::path(realUsdzPath).parent_path();
-    const std::string errorAsset = 
+    const std::string errorAsset =
         (parentDir / "excludedDirectory" / "image.jpg").string();
 
     std::array<std::string, 2> expectedErrorMessages = {
@@ -107,18 +108,61 @@ TestPackageEncapsulationValidator()
     // Load the pre-created usdz stage with relative paths to both a reference
     // and an asset that are included in the package.
     const UsdStageRefPtr& passStage = UsdStage::Open("pass.usdz");
-    
+
     errors = validator->Validate(passStage);
 
     // Verify the errors are gone
     TF_AXIOM(errors.empty());
 }
 
+static
+void
+TestMissingReferenceValidator()
+{
+    UsdValidationRegistry& registry = UsdValidationRegistry::GetInstance();
+
+    // Verify the validator exists
+    const UsdValidator *validator = registry.GetOrLoadValidatorByName(
+            UsdUtilsValidatorNameTokens->missingReferenceValidator);
+
+    TF_AXIOM(validator);
+
+    // Create stage with a reference that does not exist
+    const UsdStageRefPtr& stage = UsdStage::CreateInMemory();
+
+    const UsdGeomXform xform = UsdGeomXform::Define(stage, SdfPath("/Xform"));
+    const SdfReference badReference("doesNotExist.usd");
+    xform.GetPrim().GetReferences().AddReference(badReference);
+
+    UsdValidationErrorVector errors = validator->Validate(stage);
+
+    // Verify both the layer & asset errors are present
+    const TfToken expectedIdentifier =
+        TfToken("usdUtils:MissingReferenceValidator.UnresolvableDependency");
+    TF_AXIOM(errors.size() == 1);
+    TF_AXIOM(errors[0].GetIdentifier() == expectedIdentifier);
+    TF_AXIOM(errors[0].GetType() == UsdValidationErrorType::Error);
+    TF_AXIOM(errors[0].GetSites().size() == 1);
+    TF_AXIOM(!errors[0].GetSites()[0].GetLayer().IsInvalid());
+    const std::string expectedErrorMessage = "Found unresolvable external "
+                                             "dependency 'doesNotExist.usd'.";
+    TF_AXIOM(errors[0].GetMessage() == expectedErrorMessage);
+
+    // Remove the nonexistent reference, add an existing reference
+    xform.GetPrim().GetReferences().RemoveReference(badReference);
+    xform.GetPrim().GetReferences().AddReference("pass.usdz");
+    errors = validator->Validate(stage);
+
+    // Verify the errors are gone
+    TF_AXIOM(errors.empty());
+}
+
 int
 main()
 {
     TestUsdUsdzValidators();
     TestPackageEncapsulationValidator();
+    TestMissingReferenceValidator();
 
     return EXIT_SUCCESS;
 }
diff --git a/pxr/usd/usdUtils/validatorTokens.h b/pxr/usd/usdUtils/validatorTokens.h
index cc0b7ac1df..4b9e0e5857 100644
--- a/pxr/usd/usdUtils/validatorTokens.h
+++ b/pxr/usd/usdUtils/validatorTokens.h
@@ -17,16 +17,18 @@
 PXR_NAMESPACE_OPEN_SCOPE
 
 #define USD_UTILS_VALIDATOR_NAME_TOKENS                   \
+    ((missingReferenceValidator, "usdUtils:MissingReferenceValidator"))  \
     ((packageEncapsulationValidator, "usdUtils:PackageEncapsulationValidator"))
 
 #define USD_UTILS_VALIDATOR_KEYWORD_TOKENS                \
     (UsdUtilsValidators)                                  \
     (UsdzValidators)
 
-#define USD_UTILS_VALIDATION_ERROR_NAME_TOKENS                          \
-    ((layerNotInPackage, "LayerNotInPackage"))                          \
-    ((assetNotInPackage, "AssetNotInPackage"))                          \
-    ((invalidLayerInPackage, "InvalidLayerInPackage"))
+#define USD_UTILS_VALIDATION_ERROR_NAME_TOKENS              \
+    ((layerNotInPackage, "LayerNotInPackage"))              \
+    ((assetNotInPackage, "AssetNotInPackage"))              \
+    ((invalidLayerInPackage, "InvalidLayerInPackage"))      \
+    ((unresolvableDependency, "UnresolvableDependency"))    \
 
 ///\def
 /// Tokens representing validator names. Note that for plugin provided
diff --git a/pxr/usd/usdUtils/validators.cpp b/pxr/usd/usdUtils/validators.cpp
index 64e4cd33c3..aa6e8c0672 100644
--- a/pxr/usd/usdUtils/validators.cpp
+++ b/pxr/usd/usdUtils/validators.cpp
@@ -104,9 +104,44 @@ _PackageEncapsulationValidator(const UsdStagePtr& usdStage) {
     return errors;
 }
 
+static
+UsdValidationErrorVector
+_MissingReferenceValidator(const UsdStagePtr& usdStage) {
+    const SdfLayerRefPtr& rootLayer = usdStage->GetRootLayer();
+
+    SdfLayerRefPtrVector layers;
+    std::vector<std::basic_string<char>> assets, unresolvedPaths;
+    const SdfAssetPath& path = SdfAssetPath(rootLayer->GetIdentifier());
+
+    UsdUtilsComputeAllDependencies(path, &layers, &assets, &unresolvedPaths,
+                                   nullptr);
+
+    UsdValidationErrorVector errors;
+    for(const std::basic_string<char>& unresolvedPath : unresolvedPaths)
+    {
+        errors.emplace_back(
+            UsdUtilsValidationErrorNameTokens->unresolvableDependency,
+            UsdValidationErrorType::Error,
+            UsdValidationErrorSites {
+                UsdValidationErrorSite(
+                    rootLayer, SdfPath(unresolvedPath))
+            },
+            TfStringPrintf(
+            ("Found unresolvable external dependency "
+                "'%s'."), unresolvedPath.c_str())
+        );
+    }
+    
+    return errors;
+}
+
 TF_REGISTRY_FUNCTION(UsdValidationRegistry)
 {
     UsdValidationRegistry& registry = UsdValidationRegistry::GetInstance();
+
+    registry.RegisterPluginValidator(
+        UsdUtilsValidatorNameTokens->missingReferenceValidator, _MissingReferenceValidator);
+
     registry.RegisterPluginValidator(
             UsdUtilsValidatorNameTokens->packageEncapsulationValidator, _PackageEncapsulationValidator);
 }