Welcome to how to make Instant Pot Caramel from condensed milk. If there is just ONE Instant Pot recipe that you MUST make it has to be Instant Pot Caramel.
Remove all the packaging from the condensed milk can and place it inside your inner pot in the Instant Pot. Pour over it enough boiling water so that you can no longer see the condensed milk can and so that it is submerged.
Place the lid on your Instant Pot, set the valve to sealing and cook for 40 minutes on manual.
When it beeps, manually remove pressure, wait until the can is cool enough to handle. Then remove the lid with a can opener and then serve.