In the battle for benchmark supremacy, another potential contender has emerged to take on the London interbank offered rate (LIBOR).

ICE Benchmark Administration, the organization which currently oversees LIBOR, has outlined a possible successor to the scandal-tainted reference rate that underpins more than $200 trillion of dollar-denominated financial instruments. The unveiling of the proposed new gauge—known as the U.S. Dollar ICE Bank Yield Index—follows the launch last year of another alternative for dollar-denominated transactions, the Secured Overnight Financing Rate (SOFR).

While LIBOR has historically been the most widely used benchmark, it faces “an uncertain future due to a reduction in the amount of transactional activity that has historically underpinned its determination,” ICE said in a paper outlining its new index. “These circumstances have prompted regulators to advocate for a transition.”