Used as a reagent in organic synthesis, particularly in the preparation of thioamides and other sulfur-containing compounds. It serves as a source of the thioacetate anion, which can act as a nucleophile in substitution reactions. Employed in the modification of peptides and proteins through thioacylation. Also utilized in coordination chemistry for synthesizing metal complexes with thioacetate ligands. Its reactivity makes it valuable in pharmaceutical and agrochemical research for building complex molecules.