Create Baking Soda Mixture: In a small mixing bowl, combine ½ tsp (3g) baking soda with 3 tbsp (45ml) warm water. Mix very well until all the baking soda has dissolved.
Combine Ingredients: Pour 1 14oz can (414ml) sweetened condensed milk in a stainless steel bowl (we used a 7” bowl for our 6 quart Instant Pot). Add in the baking soda mixture and combine. Mix well.
Pressure Cook Dulce De Leche: Add 1 cup (250ml) cold water in the Instant Pot. Place the stainless bowl of condensed milk mixture directly in the water. Close lid and pressure cook at High Pressure for 40 - 90 minutes (Please see notes), then Full Natural Release.
Create Instant Pot Dulce de Leche: Open the lid carefully. Remove the stainless steel bowl from the pressure cooker. Mix & inspect the dulce de leche with a fork. If it is not caramelized to desired color, simply place it back into the Instant Pot and pressure cook it for another 20 - 30 minutes. The mixture will be lumpy, use an immersion blender or blender to smooth out the lumps.
Serve: The dulce de leche will thicken up as it cools and thin out as it warms up.