Set the rack in the bottom of a 6- or 8-quart Instant Pot® and fill with 10 cups of water. Open the can of condensed milk, then wrap it tightly and completely in foil. Set the can on the center of the rack (the water should come halfway up the sides).
Follow the manufacturer's guide for locking the lid and preparing to cook. Set to pressure cook on high for 35 minutes (see Cook's Note).
After the pressure-cook cycle is complete, follow the manufacturer's guide for quick release and wait until the quick-release cycle is complete. Being careful of any remaining steam, unlock and remove the lid.
Carefully remove the foil and transfer the hot dulce de leche to a medium bowl. Whisk in the vanilla until smooth.
Settings may vary on your Instant Pot® depending on the model. Please refer to the manufacturer's guide.
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