Do any implementations or ground work exist for cross chain pinning?

I have one possible solution:

1.  Burn coins on one chain with message (hash) referencing the pegged asset issuing address on the other chain    
2.  Issue Colored Coin asset pegged to the burned txn on the other chain using the reference address.

Will this solution hold?  What problems will I encounter?

Thanks


Edit:
   Changed "pegging" to "pinning" as this is not meant to stabilize any blockchain tokens, just make them available for hyper-distributed value exchange on external blockchains.