I bought a kids bathing suit for a dollar at dollar tree. And picked it apart to make a bathing suit for granddaughters American girl doll. I was able to use all the parts.

Find a matching color fabric and make a beach bag. It could be the trim.

Pin cushions maybe, or clothes for stuffed animals or dolls

Toss it. The fabric has only just begun to disentegrate so don't waste your time using it. It will continue to disintegrate from it's exposure to chlorine. Nylon spandex is not nearly as durable as cotton.