Used as a macrocyclic ligand in coordination chemistry, this compound forms stable complexes with transition metal ions, making it valuable in catalysis and the development of metal-based sensors. Its structure supports selective binding, which is exploited in designing catalysts for oxidation reactions and in creating models for biological systems that involve metal ion transport and activation. Additionally, derivatives of this compound are investigated for potential applications in medical imaging and targeted drug delivery due to their ability to chelate metal ions with high specificity.