Remove the condensed milk from the can and add it to a glass jar that has a metal lid such as a jam jar.
Add thrivet to Instant Pot, place the glass jar covered and add water until you cover a little over half of the glass jar
Pressure cook on high for 30 minutes and allow 30 minutes of natural release.
The sauce will be runny and will thicken as it cools down. If you want a darker, thicker dulce de leche, place the jar with the lid in the instant pot again for another 30 minutes.