Use the Saute function on your Instant Pot to heat the pan up, then add the olive oil to the pan. Saute the green onions, tomatoes, cilantro, garlic and jalapeno (optional) in the oil in the Instant Pot for 1-2 minutes.
Add the rinsed jasmine rice to the pot and stir to combine. Saute for 2-3 minutes, then turn off the heat.
Add the chicken stock, tomato paste, taco seasoning and salt to the pot and stir to combine. Make sure nothing is stuck to the bottom of the pot so you don't get a burn warning.
Secure the lid on your Instant Pot and set it to pressure cook on High Pressure for 4 minutes. Allow the pressure to release naturally for 15 minutes, then Quick Release the remaining pressure. Open the lid.
Gently fluff the Spanish Rice with a fork or spoon. Serve your flavorful side in a serving bowl topped with chopped cilantro.