Is FRAX stable?

As a keen observer of the cryptocurrency market, I've noticed the emergence of FRAX, a decentralized stablecoin. However, given the volatile nature of digital currencies, I'm curious to know: Is FRAX truly stable? Its claim to be a stablecoin suggests it aims to maintain a stable value, but how does it achieve this? Does it rely on traditional fiat currencies for pegging, or does it employ algorithmic mechanisms? What are the underlying protocols and economic incentives that drive its stability? In the ever-changing landscape of cryptocurrencies, is FRAX a viable long-term investment choice, or are there risks involved? Answers to these questions are crucial for investors to make informed decisions.