A new credit facility by Grove aims to allow instant redemptions into stablecoins from BlackRock's BUIDL and Janus Henderson's money market funds, reducing settlement time from days to instantaneous.

The Shariah-compliant digital bank is part of a growing wave of fintech startups building banking and payments services on top of blockchain and stablecoin rails.

The new capital will primarily fund the development and public launch of Turnkey Verifiable Cloud, a secure computing product for digital assets.