Generating the Sierpinski triangle iteratively in Mathematica?

Question

I have written code which draws the Sierpinski fractal. It is really slow since it uses recursion. Do any of you know how I could write the same code without recursion in order for it to be quicker? Here is my code:

 midpoint[p1_, p2_] := Mean[{p1, p2}]
 trianglesurface[A_, B_, C_] :=  Graphics[Polygon[{A, B, C}]]
 sierpinski[A_, B_, C_, 0] := trianglesurface[A, B, C]
 sierpinski[A_, B_, C_, n_Integer] :=
 Show[
 sierpinski[A, midpoint[A, B], midpoint[C, A], n - 1],
 sierpinski[B, midpoint[A, B], midpoint[B, C], n - 1],
 sierpinski[C, midpoint[C, A], midpoint[C, B], n - 1]
 ]

edit:

I have written it with the Chaos Game approach in case someone is interested. Thank you for your great answers! Here is the code:

 random[A_, B_, C_] := Module[{a, result},
 a = RandomInteger[2];
 Which[a == 0, result = A,
 a == 1, result = B,
 a == 2, result = C]]

 Chaos[A_List, B_List, C_List, S_List, n_Integer] :=
 Module[{list},
 list = NestList[Mean[{random[A, B, C], #}] &, 
 Mean[{random[A, B, C], S}], n];
 ListPlot[list, Axes -> False, PlotStyle -> PointSize[0.001]]]

Answer 1

This uses Scale and Translate in combination with Nest to create the list of triangles.

Manipulate[
  Graphics[{Nest[
    Translate[Scale[#, 1/2, {0, 0}], pts/2] &, {Polygon[pts]}, depth]}, 
   PlotRange -> {{0, 1}, {0, 1}}, PlotRangePadding -> .2],
  {{pts, {{0, 0}, {1, 0}, {1/2, 1}}}, Locator},
  {{depth, 4}, Range[7]}]