Remove the label and the top of the sweetened condensed milk and cover the top with aluminum foil.

Add a trivet into the bottom of your instant pot and place the sweetened condensed milk in the center of the trivet. Carefully pour in about 8 cups of water or until the water reaches the halfway mark on the can.

Add the lid and make sure it is in the sealing position. Set manual pressure for 40 minutes and manually release pressure when the time is up.

Carefully remove the can from the instant pot and add in vanilla extract if using. You can use immediately or allow to cool completely and add to an airtight container and store in the refrigerator for future use. Be sure to bring to room temperature before using.