Used as a macrocyclic ligand in coordination chemistry, particularly in the formation of stable complexes with transition metal ions. Its structure allows for selective binding, making it valuable in catalysis, especially in oxidation and hydrolysis reactions. It is also employed in the development of contrast agents for magnetic resonance imaging (MRI) due to its ability to chelate paramagnetic metals. Additionally, derivatives of this compound are explored in medicinal chemistry for targeted drug delivery and as scaffolds in the design of metalloenzyme inhibitors. Its rigid framework supports applications in supramolecular chemistry, including sensor design and molecular recognition.