Is FXS a stablecoin?

Could you elaborate on whether FXS is classified as a stablecoin? In the realm of cryptocurrencies, stablecoins are designed to maintain a stable value relative to a traditional asset, such as the US dollar. Given the volatility inherent in most cryptocurrencies, understanding whether FXS adheres to this stability principle is crucial. Is there a pegged asset that FXS aims to track? Or does it operate independently, without such a direct peg? Clarifying this distinction would help investors and enthusiasts alike gain a deeper understanding of the role and function of FXS in the broader crypto landscape.