Used as a precursor for generating N-heterocyclic carbenes (NHCs), this compound serves as an effective organocatalyst in various organic transformations. It is particularly valuable in transition-metal catalysis, where it stabilizes metal centers in cross-coupling reactions, olefin metathesis, and hydrogenation processes. Due to the steric bulk provided by the diisopropylphenyl groups, it enhances catalyst longevity and selectivity. Its tetrafluoroborate salt form improves stability and handling, making it suitable for use in air- and moisture-sensitive reactions when appropriate precautions are taken. Widely employed in academic and industrial research for developing new catalytic methodologies.