Researchers from Korea and the USA developed a Ultraviolet nitride (UV) LED that uses a few layers of graphene as a transparent conducting layer. They say that Graphene may prove better than the currently-used ITO as it performs better in terms of cost, transparency, and, heat and current spreading. Graphene also sports improved transmission in the ultraviolet.
Graphene however suffers from reliability and degradation issues that must be further investigated.
More info: http://www.semiconductor-today.com/news_items/2011/NOV/KU_071111.html