Widely used as a catalyst in homogeneous catalysis, particularly in hydrosilylation and hydrogenation reactions. It is effective in promoting the addition of silicon-hydrogen bonds across unsaturated organic compounds, which is crucial in the production of silicones and functionalized organosilicon compounds. Its phosphine ligands enhance stability and tune reactivity, making it suitable for selective transformations in organic synthesis. Also employed in research for developing platinum-based catalytic systems with improved activity and selectivity under mild conditions.