The United States Treasury Department would like to break the market of its Libor addiction.

The London Interbank Offered Rate, a measure of the interest banks claim to charge one another to loan money, is tied to an estimated $350 trillion of notional value derivative contracts and $10 trillion in loans. It's also been under attack since before the financial crisis as banks admitted to rigging it to benefit financially. Now Daleep Singh, acting assistant secretary for financial markets for the U.S. Treasury, wants users to move to a new benchmark for global interest rates.

“If you are a user of Libor, and I'm sure nearly all of you are, I ask you to think about whether it's really the best choice for your purposes,” Singh told a roomful of executives at the Futures Industry Association conference in Chicago Thursday. “If you are borrowing money in an adjustable-rate loan, does it make sense to you that your interest rate will go up if the market starts to view a handful of banks as less creditworthy on average?”