Widely used as a chiral N-heterocyclic carbene (NHC) precursor in asymmetric catalysis. It plays a key role in enantioselective transformations such as hydrogenation, cyclopropanation, and C–C bond-forming reactions. The rigid chiral backbone and bulky diphenylethyl and phenyl substituents provide excellent stereocontrol, making it effective in copper- and palladium-catalyzed reactions. Commonly employed in the synthesis of pharmaceuticals and fine chemicals where high enantiomeric excess is required. Its tetrafluoroborate counterion enhances stability and solubility in polar organic solvents, facilitating handling and storage.