Grove

What Grove does

Grove is a credit infrastructure protocol operating as a Sky Prime Agent (Star) within the Sky Ecosystem (formerly MakerDAO). The protocol deploys stablecoin liquidity — primarily USDS — into diversified institutional credit strategies through a vault-based, non-custodial architecture live on Ethereum, Avalanche, Base, Plume, and Monad. Its product suite comprises Grove Allocator (hub-and-spoke vault infrastructure for routing capital under governance-defined mandates), Grove Basin (programmable instant stablecoin liquidity for tokenized real-world assets, up to $1B daily), Grove Financing (bespoke anchor capital and structured facilities for issuers and originators), and Grove Savings (self-serve interface to the Sky Savings Rate via sUSDS minting). Supporting products include Grove Data (public real-time transparency dashboard) and the GROVE ERC-20 governance token (10B genesis supply, launched June 2026).

Underlying technology is purpose-built for institutional deployment: a three-layer ALM architecture separates custody (ALMProxy), business logic (upgradeable Controllers), and risk management (RateLimits, Freezer) — enabling logic upgrades without fund migration and emergency circuit-breaking. The protocol integrates Circle CCTP V2 and LayerZero for cross-chain transfers, Chronicle for oracle pricing, and routes exposure through Aave Horizon and Morpho lending markets. Smart contracts are audited by ChainSecurity, Spearbit, and Certora.

Grove monetizes the spread between yield earned on institutional credit deployments (AAA-rated CLOs, tokenized Treasuries, private credit, crypto-collateralized lending) and the Sky Savings Rate paid to sUSDS holders, plus interest income from its $500M Galaxy warehouse facility and bespoke structured financing arrangements. Protocol revenue exceeded $7M as of November 2025 against ~$1.7B TVL; TVL has since grown to $2.59B across 16 active allocations (July 2026). Go-to-market is hybrid: community-led via Sky Ecosystem governance, Sky Points, and Grove Points loyalty program for retail/protocol depositors; enterprise field sales targeting institutional asset managers (BlackRock, Janus Henderson, Apollo), digital asset banks (Galaxy Digital, Anchorage), tokenization platforms (Centrifuge, Securitize), and DeFi protocols (Aave, Morpho). The company is privately held, raised a $50M Series B in March 2026, and operates remotely with a founding team of approximately 8–10 named individuals; Grove Labs is a subsidiary of Steakhouse Financial.

Name

Grove

Legal name

Grove Foundation

Website

https://grove.finance

Company type

Private

Founded year

2025

Operating status

Operating

Short description

Grove is a credit infrastructure protocol operating as a Sky Prime Agent, deploying USDS stablecoin liquidity into diversified institutional credit strategies via non-custodial vaults for institutional asset managers, protocol treasuries, and tokenized RWA issuers.

Ownership category

akta.pro rank

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Other Activities Related to Credit Intermediation (522390), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Yield, Vaults & Asset Management (vault strategies, robo-vaults, structured yield) (FSAPAEAG)

akta.pro secondary industries

Syndicated Crypto Loans & Credit Facilities (FSADAFAK), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN), Crypto Borrowing & Margin Credit Facilities (FSADAFAC)

Keywords

• Credit infrastructure protocol
• Institutional DeFi lending
• Tokenized real-world assets
• Stablecoin yield strategies
• Onchain credit markets

GTM type

B2B and B2C

Offering type

Software

Revenue model

1. Yield from Credit Deployments: Grove generates yield by deploying stablecoin capital (USDS/USDC) into diversified institutional credit strategies including AAA-rated CLOs, tokenized Treasuries, private credit, and crypto-collateralized lending. The yield earned on these deployments funds the Sky Savings Rate paid to sUSDS holders and generates protocol revenues. Grove Data reported >$7M in protocol revenues as of November 2025, with $2.24B+ in outstanding debt and TVL of ~$2.59B.
2. Warehouse Lending Facility Income: Grove earns income as the warehouse lender in the Galaxy Digital $500M facility, providing USDS capital to finance Galaxy's origination of institutional crypto-collateralized loans (BTC and ETH). Grove earns interest/spread on the committed warehouse financing line.
3. GROVE Token: GROVE is the native ERC-20 token of the Grove Protocol with 10 billion total genesis supply allocated: 70% to Sky Ecosystem, 25% to Grove Team and Contributors, 5% to Grove Foundation. The token is designed to support governance including staking and voting, with functionality to be introduced progressively subject to governance decisions. Grove has no external investors and the protocol is already generating revenue.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Grove is a credit infrastructure protocol that operates as a Sky Prime Agent within the Sky Ecosystem, routing stablecoin (USDS/USDC) liquidity into diversified institutional credit strategies through vault-based, non-custodial smart contract infrastructure. Its core offerings include Grove Allocator (capital allocation vaults), Grove Basin (instant liquidity for tokenized real-world assets), Grove Financing (bespoke financing services), and Grove Savings (retail access to the Sky Savings Rate). The protocol has deployed over $2.59B across 16 active credit allocations including AAA-rated CLOs, tokenized Treasuries, private credit, and crypto-collateralized lending.

Product overview

Grove is an institutional-grade credit infrastructure protocol that operates as a Sky Prime Agent within the Sky Ecosystem, serving as the institutional credit allocation layer. The protocol deploys stablecoin (USDS/USDC) liquidity into diversified credit strategies across onchain and offchain markets. The core product suite includes Grove Allocator (vault-based capital allocation infrastructure), Grove Basin (instant liquidity for tokenized real-world assets up to $1B daily), Grove Financing (bespoke financing services), and Grove Savings (onchain interface to the Sky Savings Rate). Supporting offerings include Grove Data (public transparency dashboard), the GROVE token (ERC-20 governance token), and Grove Points (loyalty program). The protocol connects traditional credit markets—CLOs, private credit, tokenized Treasuries—with DeFi infrastructure through integrations with Aave, Morpho, Circle CCTP, LayerZero, and others.

Differentiator

Problem solved

Functional benefit

Brands

• Grove Basin: Programmable credit infrastructure providing instant onchain stablecoin liquidity for tokenized real-world assets, offering up to $1 billion in committed daily liquidity.
• Grove Allocator
• Grove Financing
• Grove Savings
• Grove Points

Quantifiable outcome

• $2.59B Total Value Locked deployed across 16 active allocations
• +4 more outcomes

Named customers10 records

Segments4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature6 records

Partnerships

22 partnerships are on record, tiered core and minor.

• Galaxy DigitalcoreStrategic or Co-development Partner · 15 July 2026Grove and Galaxy Digital announced a $500M warehouse lending facility. Grove serves as the warehouse lender, committing USDS capital to finance Galaxy's origination of institutional loans secured by BTC and ETH. Qualified custodians: Anchorage Digital and BitGo. Galaxy originates, underwrites, and services the loans. The facility deepens a relationship that began with Grove's $50M participation in Galaxy's tokenized CLO in December 2025.
• Anchorage DigitalcoreOthers · 15 July 2026Anchorage Digital serves as a qualified custodian for the Galaxy warehouse lending facility (alongside BitGo) and as institutional access partner for Grove Basin. Served as bond trustee and qualified custodian for Galaxy CLO 2025-1. Provides institutional-grade digital asset custody with regulatory compliance.
• BitGominorOthers · 15 July 2026BitGo serves as a qualified custodian alongside Anchorage Digital for the Galaxy warehouse lending facility. Provides institutional-grade digital asset custody for BTC and ETH collateral.
• BlackRockcoreStrategic or Co-development Partner · 14 May 2026BlackRock is an initial asset management launch partner for Grove Basin. BlackRock's BUIDL fund is among the initial supported tokenized Treasury and credit products. Grove's Allocator has deployed capital into BlackRock BUIDL through its mandate. One of the world's largest asset managers with $450B+ AUM.
• Janus HendersoncoreStrategic or Co-development Partner · 14 May 2026Janus Henderson is an initial asset management launch partner for Grove Basin. Their JTRSY Treasury Fund and JAAA CLO Fund are supported products. Grove deployed $1B+ into JAAA as its first Sky Ecosystem mandate allocation. Janus Henderson manages $450B+ AUM and built JAAA with Anemoy and Centrifuge.
• SuperstateminorOthers · 14 May 2026Superstate provides RWA collateral on Aave Horizon where Grove supplies liquidity. Superstate is among the issuers whose tokenized assets are eligible as collateral within Aave Horizon's institutional borrowing market.
• INXminorOthers · 15 January 2026INX is the token venue for Galaxy CLO 2025-1 notes, providing a regulated venue for access by qualified investors. Grove's Class B Note investment is listed on INX.
• Arch (Loan Originator)minorOthers · 15 January 2026Arch originated the crypto-collateralized loan portfolio underlying Galaxy CLO 2025-1, in which Grove purchased $50M of Class B Notes. Arch's loans are overcollateralized and held with institutional-grade custody and oversight.
• Galaxy Digital (CLO)coreStrategic or Co-development Partner · 1 December 2025Grove purchased $50M of Class B Notes in Galaxy CLO 2025-1, a tokenized crypto-backed CLO on Avalanche. Transaction closed January 15, 2026. $75M total CLO size. Galaxy Asset Management structured, tokenized, and manages the CLO. Arch originated underlying loans. Notes listed on INX. Anchor participation that gave the product institutional depth from inception.
• CirclecoreTechnology or Integration · 18 November 2025Grove's protocol is directly integrated with Circle's CCTP V2 for cross-chain USDC/USDS transfers. CCTP enables zero-slippage stablecoin transfers across supported chains, critical for Grove's multi-chain liquidity layer operations on Ethereum, Avalanche, Base, and Plume.
• SecuritizecoreStrategic or Co-development Partner · 29 October 2025Securitize is an initial tokenization infrastructure partner for Grove Basin. Grove plans a $100M anchor into the Securitize Tokenized AAA CLO Fund (STAC), with BNY as custodian and Insight (BNY Investments) as sub-adviser. Shares issued as digital tokens on Ethereum. Grove and Securitize are co-building infrastructure for tokenized credit liquidity.
• BNYcoreOthers · 29 October 2025BNY serves as custodian for the Securitize Tokenized AAA CLO Fund (STAC). Insight, a BNY Investments firm, acts as sub-adviser for STAC. BNY is a premier institutional custodian bringing regulatory clarity and institutional-grade controls to Grove's tokenized CLO exposure.
• Insight (BNY Investments)minorOthers · 29 October 2025Insight, a BNY Investments firm, serves as sub-adviser for the Securitize Tokenized AAA CLO Fund (STAC). Provides investment management expertise for AAA-rated CLO tranche selection and portfolio management within STAC.
• RipplecoreTechnology or Integration · 20 October 2025Ripple's RLUSD stablecoin is integrated into Grove's lending infrastructure. Grove supplies RLUSD and USDC to Aave Horizon. RLUSD is fully backed and redeemable 1:1, natively issued on Ethereum and XRP Ledger. BNY serves as primary reserve custodian.
• AavecoreTechnology or Integration · 20 October 2025Grove integrates with Aave Horizon, the institutional RWA borrowing market on Ethereum. Grove supplies RLUSD and USDC liquidity to deepen the market for qualified borrowers. Integration follows Aave governance approval. Grove's exposure can route through Aave and Morpho lending markets.
• ApollocoreStrategic or Co-development Partner · 16 September 2025Apollo is an asset manager partner. Grove plans a $50M anchor allocation to the Anemoy Tokenized Apollo Diversified Credit Fund (ACRDX) on Plume. ACRDX brings Apollo's diversified global credit strategy (corporate direct lending, asset-backed lending, dislocated credit) onchain via Centrifuge tokenization infrastructure. Plume is the first full-stack chain for RWAs.
• PlumecoreTechnology or Integration · 16 September 2025Plume is the first full-stack blockchain designed for real-world assets. Grove's ACRDX deployment launches on Plume. Grove Liquidity Layer initialized on Plume in October 2025 with full ALM infrastructure (Controller, Proxy, RateLimits, Freezer, Relayer, Executor, Receiver).
• LayerZerocoreTechnology or Integration · 7 August 2025Grove's protocol uses LayerZero's crosschain bridging infrastructure alongside CCTP V2 for multi-chain stablecoin transfers. LayerZero V2 migration completed on Avalanche in April 2026. Essential for Grove's cross-chain capital deployment across its five supported networks.
• AnemoycoreStrategic or Co-development Partner · 6 August 2025Anemoy is a credit structuring specialist that co-built the JAAA Fund with Janus Henderson and Centrifuge. Grove's $1B+ allocation into JAAA represents the flagship onchain credit deployment. Anemoy's structured credit expertise is central to Grove's CLO investment strategy.
• CentrifugecoreTechnology or Integration · 28 July 2025Centrifuge is the DeFi-native RWA tokenization platform that pioneered tokenized invoice and credit finance. Grove integrates with Centrifuge for end-to-end tokenization rails across Ethereum and Avalanche. All JAAA, JTRSY, and ACRDX products are issued through Centrifuge. Grove's ALM infrastructure is integrated with Centrifuge crosschain transfers.
• MorphocoreTechnology or Integration · 15 January 2025Grove integrates with Morpho for lending market supply. Morpho is listed alongside Aave as an external protocol integration for Grove's vault-based deployments. Grove x Steakhouse Morpho Vault V2 products deployed for USDC, RLUSD, AUSD, and PYUSD supply.
• Steakhouse FinancialcoreStrategic or Co-development PartnerSteakhouse Financial is Grove Labs' parent company and strategic partner. Grove Labs is a subsidiary of Steakhouse Financial. Steakhouse provides strategic advisory, credit structuring, treasury management, financial reporting, and capital formation services. Pioneered blockchain-based accounting and financial reporting as early MakerDAO contributors.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Ondo Finance: Ondo Finance tokenizes institutional-grade fixed income products and offers yield-bearing stablecoins. Directly comparable to Grove as a tokenized credit/treasury product provider serving institutional DeFi users.
• Maple Finance: Maple is a decentralized credit market for institutional borrowers, offering undercollateralized loans with onchain transparency. Directly comparable to Grove as both target institutional credit deployment in DeFi, though Maple focuses on bilateral lending pools while Grove focuses on diversified credit strategies via Sky governance.
• Centrifuge: Centrifuge pioneered RWA tokenization for credit assets and provides tokenization infrastructure for JAAA, JTRSY, and ACRDX — the same products Grove allocates into. As both infrastructure layer and competing allocator, Centrifuge is a key direct peer with overlapping institutional credit focus.
• Morpho: Morpho is a DeFi lending protocol that Grove integrates with via Grove x Steakhouse Morpho Vault V2 products. Directly comparable as both an institutional lending venue and a vault architecture that competes with Grove's allocator infrastructure.
• MakerDAO / Sky Protocol: Sky Protocol (formerly MakerDAO) is Grove's parent ecosystem and provides the USDS stablecoin and sUSDS savings primitive that Grove routes. Directly comparable as the underlying credit-bearing stablecoin system and governance framework Grove operates within.
• TrueFi: TrueFi is a decentralized protocol for institutional uncollateralized lending with credit assessments. Comparable as both target institutional DeFi credit markets with similar risk-management philosophy to Grove's diversified credit deployment.
• Aave: Aave is the largest DeFi lending protocol where Grove supplies RLUSD/USDC liquidity to Aave Horizon. Directly comparable institutional DeFi lending market; Aave also serves as one of Grove's distribution channels for RWA-backed borrowing.

Broad incumbents

• BlackRock (BUIDL): BlackRock is a partner via BUIDL tokenized Treasury fund (one of Grove Basin's initial products) but also a broad incumbent in tokenized credit/ETFs. Comparable as both a deployment destination for Grove capital and a competitor shaping the institutional tokenized credit landscape.

Others

• Galaxy Digital: Galaxy Digital is both a strategic partner (warehouse facility, CLO) and a competitor in crypto-collateralized lending. As an institutional digital asset firm providing credit and trading, Galaxy offers overlapping services while serving as Grove's key borrower and origination partner.

Emerging players

• Goldfinch: Goldfinch is a decentralized credit protocol for lending to real-world businesses without crypto collateral. Comparable in undercollateralized institutional credit focus, though smaller scale and different geographic/borrower focus than Grove.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/grovedotfinance
• GitHubgithub.com/grove-labs
• LinkedInlinkedin.com/company/grove-finance

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grove