Used as a chelating agent in coordination chemistry, particularly for stabilizing metal ions in catalytic systems. Its structure allows selective binding of transition metals, making it useful in homogeneous catalysis, such as in oxidation and coupling reactions. Also employed in the design of metal-organic frameworks (MOFs) and as a ligand in biomedical research for imaging and therapeutic metal complexes. Solubility in organic solvents enhances its utility in non-aqueous reaction environments.