Place the stainless steel inner pot inside the Instant Pot®. Add the 2 cups of water and then the rack.
On top, put the can of condensed coconut milk, closed and without the label.
Close and lock the Instant Pot® lid. Make sure the steam release handle is turned to Sealing. Press Pressure Cook, pressure level High, and set the time to 1 Hour And 20 Minutes. Once the time is up, press Cancel and turn the steam release handle to Venting.
Remove the Instant Pot® lid. Remove the can with gloves and let cool for at least 20 Minutes before opening.
Store in an airtight glass jar in the refrigerator. Serve with ice cream, cookies, banana, apple or simply enjoy it by the spoonful.