What is the purpose of FRAX?

Could you please elaborate on the underlying intention behind FRAX? I'm curious to understand its core objectives and how it fits into the broader cryptocurrency and finance landscape. Could you explain its purpose in a way that's accessible to those who might not be deeply familiar with this area? How does FRAX aim to address specific challenges or gaps in the market? I'm particularly interested in how its functionality aligns with its stated goals. Would you be able to summarize this in a concise yet comprehensive manner?