Used as a highly selective chelating agent in coordination chemistry, particularly for binding transition metal ions such as zinc(II), copper(II), and nickel(II). Its structure allows for strong and stable complex formation, making it valuable in the development of catalytic systems and metal-ion sensors. Commonly employed in the design of luminescent probes and MRI contrast agents due to its ability to enhance the solubility and stability of metal complexes. Also investigated for applications in radiopharmaceuticals, where precise metal ion control is essential for imaging and therapy.