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.

Last Wednesday, the USDC stablecoin issuer priced its upsized initial public offering (IPO) at $31 per share, above its expected range of $27 to $28. The stock opened Thursday on the New York Stock Exchange (NYSE) at $69 and finished at $83.23—168% above its IPO price.

Shares of Circle surged after its debut as a public company, but the crypto player may face headwinds if the Federal Reserve cuts interest rates further this year.