BitMEX Research suggests Circle's post-IPO rise and treasury-backed model could make it a safer, more profitable play than MicroStrategy.

Circle stock continued to surge on Monday for a third day in a row following the stablecoin issuer's blockbuster IPO last week.

In this photo illustration, the Circle Internet Group logo is seen displayed on ... More a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images

USDC stablecoin issuer Circle has seen its CRCL share price shoot to a new high of $138.57 on only its third day of trading.

Circle's (CRCL) stock surged for a third day in a row on Monday following its blockbuster IPO last week. Shares of the stablecoin issuer jumped more than 15% to trade near $122, nearly 300% above the debut price of $31.

More gains are in store for stablecoin issuer Circle (NYSE:CRCL) following a strong IPO debut this past Thursday. After pricing shares at $31, the stock more than doubled in its first day of trading,

Circle's stock soared to a record high of $138.57 on its third trading day, following a successful IPO at $31 per share. Institutional interest remains strong, with SBI Holdings investing $50 million and ARK Invest purchasing 4.48 million shares. ProShares and Bitwise also show interest in launching CRCL-related ETFs.