Used as a key ligand in coordination chemistry, particularly in the formation of stable metal complexes for catalysis and medical imaging. Its structure allows selective binding with transition metals, making it valuable in designing contrast agents for MRI. Also employed in the synthesis of functionalized chelates used in bioconjugation and radiopharmaceuticals. Due to its rigid cyclic framework, it enhances the stability and solubility of metal complexes in aqueous environments, which is advantageous in both industrial and biomedical applications.