It's not currently used for anything. It just exists in the game's files, leftover from the original version of the game (1.x). There's a handful of items like this ("added in 2.0" but are leftover from 1.x, and unused), and this happens to be one of them.
SE will use this eventually I'm sure :) Red Quartz used to not be used for anything, but now it's a collectable turn-in item!