In your Instant Pot bowl, add the stone-ground grits and butter.
Press the saute button and saute the grits, with the butter, (mixing constantly) for about 2-3 minutes, until the grits are slightly toasted.
Then mix in the water, heavy cream salt, and pepper. Add the lid, making sure that the vent is in the sealing position.
Set the manual high pressure for 10 minutes. When the time is up, do a natural release.
When the pin has dropped, and the pressure has been completely released, open the lid, and then stir.
Mix in the shredded cheddar cheese, until the cheese has melted.
Plate, serve, and enjoy!