Used as a ligand in coordination chemistry, particularly for binding metal ions in catalytic and sensing applications. Its sulfur-containing ring structure shows high affinity for soft metal ions like silver, copper, and mercury, making it useful in the development of ion-selective sensors and extraction agents. Also explored in radiopharmaceuticals for stabilizing radioactive metal complexes due to its strong chelating properties. Additionally, serves as a building block in supramolecular chemistry for designing molecular cages and host-guest systems.