Used as a stabilizing agent in the synthesis of metal nanoparticles, particularly gold and silver, to prevent aggregation and maintain uniform size distribution. It is also employed in catalysis, where it enhances the efficiency of transition metal-catalyzed reactions, such as hydrogenation and cross-coupling reactions. Additionally, it finds application in the preparation of water-soluble ligands for homogeneous catalysis in aqueous media, improving reaction rates and selectivity. Its sulfonate group provides solubility in water, making it suitable for environmentally friendly processes.