1 14ouncecan sweetened condensed milkyou can do up to 3 cans in one batch if you like
Scrape out all the condensed milk into a pint sized mason jar, or similar canning jar.
Cover the jar tightly with foil or screw on the cap.
Place the rack at the bottom of your Instant Pot and then place the jar on the rack. Fill the Instant pot with water, up to 1 inch from the top of the jar. Close and lock the Instant Pot lid, and set the pressure release valve to sealed.
Press 'Pressure Cook' and set the timer to 45 minutes.
When the machine beeps, press cancel and unplug. Let the pressure release naturally, and then open the lid and carefully remove the hot jar.
Let the jar cool down, it will be VERY hot. Do not be tempted to taste the dulce de leche until it has cooled.
When cool enough to handle, stir vigorously to remove the lumps and smooth out the caramel. I like to give it a whirl in my small food processor to make it extra silky.
Store your dulce de leche in the refrigerator for up to a month. Good luck getting it to last that long ;)
Reheat chilled dulce de leche gently in the microwave.
When using an Instant Pot or other pressure cooker, always read and follow all the instructions provided with your machine, especially the safety instructions.