Used primarily as a chelating agent, this compound binds strongly with metal ions, making it valuable in medical and industrial applications. In nuclear medicine, it is employed to stabilize radioactive metals in radiopharmaceuticals, ensuring safe transport and targeted delivery in diagnostic imaging and therapy. It is also used in MRI contrast agents to complex gadolinium, enhancing image clarity while minimizing toxicity.

In industrial settings, it helps remove heavy metal contaminants from solutions, useful in wastewater treatment and metal decontamination processes. Due to its high affinity for multivalent cations, it is also applied in analytical chemistry for masking interfering metal ions during assays. Additionally, it finds use in research for modifying surfaces and attaching functional molecules in bioconjugation techniques.