Place the trivet in the inner pot. Set the can of condensed milk on the trivet, laying on its side, so it isn’t touching any part of the pot.
Fill the pot with water up to the max fill line. It should completely cover the can.
Lock the lid and set the vent to sealing.
Cook on high pressure for 22 minutes. It will take about 10-20 minutes for the pot to come up to pressure. After cooking time is up, allow for a natural pressure release, which takes between 30-40 minutes.
Turn off the pot, unlock the lid, and allow the water to cool completely before touching the can, about 3 hours. Once completely cool, remove the can from the pot and open it with a can opener.
Notes
Read the instructions in the post very carefully and follow all precautions.
Be very careful when opening the jar. It should be completely cooled before opening.
Remove the glue from the can if you don't want it stuck all over the walls of your Instant Pot.