What is the risk level for FRAX?

As a keen observer in the realm of cryptocurrencies and finance, I'm curious to understand the risk profile associated with FRAX. Could you elaborate on the various risks investors should be cognizant of while considering an investment in FRAX? Specifically, are there any concerns around its stability mechanism, market volatility, or regulatory compliance? Additionally, how does FRAX's risk level compare to other similar assets in the cryptocurrency space? Understanding these risks is crucial for investors to make informed decisions.