This article analyses how convertible local currencies (CLCs) contribute to their circulating territory, in the case of France, where a systematic survey was held in 2019–20. It builds a framework in which CLCs contribute to a territorialized infrastructure and assume functions of territorial intermediation, thus supporting a territorial development process. It examines how the CLC organizations define their territory, before assessing the territorial development they carry, with evidence about their size, role in the territorial coordination of actors and governance issues. This assessment raises doubts about their actual contribution to territorial development, while possible achievements are discussed.