“The stablecoin market is growing rapidly — and every new stablecoin issuer from the tech sector puts pressure on banks to dive in. PayPal is considering issuing its own stablecoin with a working name of PayPal Coin. PayPal’s initiative comes as the Facebook-affiliated Diem stablecoin approaches launch. Technology and government initiatives have driven the value of the stablecoin market up to about $140 billion — seven times higher than two years ago.“