Survival Bracelets are all the rage right now. There are countless tutorials available online to make your own and just as many sites to purchase one already made.
Paracord is very versatile. It can hold up to 550 lbs before breaking (why it’s also called 550-cord). Commercial Type III 550 Cord is made of a braided nylon tube that is threaded with 7 strands of 2-ply yarn (military specific cord has 7 3-ply strands of yarn threaded inside). It’s lightweight and has some elasticity to it (though I’d hardly call it “stretchy”).
If you weave it into a bracelet, key fob, or even a belt, you can have several feet of useful rope at your disposal. If you find yourself in an emergency situation you can use your cord to help build an emergency shelter. You gut it and use the strands as fishing line.