Panel Cloth Editor

Unreal's new workflow for creating simulated cloth assets on characters. Far more robust than the previous cloth paint tool. Allows you to project skinning weights from one mesh to the cloth asset, tighter control over simulation params, the ability to add kinematic colliders for more accurate collisions, and more. Many parameters have an "Is Animatable" toggle which allows changing them at runtime, and according to Epic, more parameters will have this option in future versions.

Multiple asset types can be turned into simulated cloth assets, including static meshes, skeletal meshes, and .usd assets direct from Marvelous Designer Epic documentation on panel cloth