This chemical is primarily used as a reducing agent in organic synthesis, particularly in the reduction of metal complexes and organic compounds. It is highly effective in transferring hydride ions, making it valuable in the preparation of metal hydrides and in catalytic processes. Additionally, it is utilized in the stabilization of low-valent metal centers, which is crucial in coordination chemistry and the development of catalysts for industrial applications. Its selective reactivity and stability under various conditions make it a preferred choice in research and development of new materials and chemical processes.