Used as a fluorogenic substrate in enzymatic assays, particularly for detecting protease activity. It is commonly employed to study enzymes like thrombin, factor Xa, and other serine proteases involved in blood coagulation and fibrinolysis pathways. Upon cleavage by the target enzyme, the compound releases a fluorescent signal proportional to enzyme activity, enabling real-time monitoring in biochemical and pharmacological research. Its high specificity and sensitivity make it suitable for high-throughput screening and kinetic studies in drug development and diagnostic applications.