This is a very interesting and unusual vintage cord. I was made in France and I have had it in my stash for 30++ years. It is a plastic wrapped rayon cord, that can be used to make wonderful tassels. I have used it for very small tassles (1/2") and I have made much larger (6") tassles.
You pull a small portion of the plastic wrap off the cord (only the length you want for one tassle), then I make the top. Then I take a fine toothbrush and brush it out. The more you brush, the fuller it gets.