To start, remove the paper label from the outside of your 14 oz sweet condensed milk can and then use a can opener to open it. Discard the lid. Next, rip off a large piece of aluminum foil and wrap it tightly around the open can, covering the top and bottom. This step is vital, as you want to make sure that none of your dulce de leche can boil out of the can.
Place the trivet in your Instant Pot, and fill it up with enough water to cover about half the can. The amount of water will depend on the size of your Instant Pot, but for me it took about 10 cups of water.
Place the lid on your Instant Pot and then set the pressure to Manual High for 40 minutes. This leaves a lightly colored Dulce de Leche. If you want a thicker or darker Dulce de Leche in the Instant Pot, you can increase the cook time. Perform an Instant release when the time is up. Dump the contents of the can into a bowl and whisk it up until smooth. Enjoy!
If you open your aluminum foil and your Dulce de Leche isn’t as dark as you’d like, simply rewrap the can and place it back in the pot. Seal it again, and turn the pressure on for longer. I would recommend increments of 10 if cooking it for longer.
Note: If your dulce de leche comes out of the aluminum foil looking lumpy or curdled, this is NORMAL. Put it in a bowl and whisk it and it will smooth out!
ANOTHER NOTE: Your dulce de leche will thicken as it cools. As long as it reaches your desired color, put it in the fridge and it will start to thicken. It will thin out when heated up again 🙂