This compound is primarily utilized in biochemical research and diagnostic applications. It serves as a substrate for measuring the activity of certain enzymes, particularly in assays designed to study coagulation and fibrinolysis processes. Its structure makes it suitable for detecting and quantifying the presence of specific proteases, which are critical in understanding blood clotting mechanisms. Additionally, it is employed in the development of diagnostic kits for assessing hemostatic disorders, providing valuable insights into conditions related to abnormal bleeding or thrombosis. Its stability and specificity make it a reliable tool in both laboratory research and clinical diagnostics.