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Add sesame oil to Instant Pot and set the “Sauté” setting to high. Working in batches, if necessary, brown the chicken thighs, approximately 3-4 minutes per side.
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Repeat this process with remaining thighs. Remove and set aside on a platter.
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Pour chicken broth into hot container and gently scrape up brown bits from bottom.
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Add peanut butter to the hot liquid and stir until completed melted.
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Add soy sauce, lime juice, honey, Sriracha sauce, ginger, and garlic powder. Season with salt and black pepper, to taste, and stir to combine.
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Add metal rack to the Instant Pot and place the browned chicken thighs on top.
Add lid and lock into place.
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Switch vent to “Sealing” position and set the “Manual” setting on high before adjusting the cook time to 10 minutes. After a brief pause, the Instant Pot will automatically start building pressure.
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When finished, do a quick release (QR) to allow the pressure to escape. Unlock and carefully remove lid when finished and transfer the chicken to a platter.
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Optional: To thicken sauce, select the “Sauté” setting and heat, stirring continually, until the excess liquid is reduced and the sauce reaches the desired consistency.
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Turn Instant Pot off and return the chicken thighs and the juices that accumulated on the platter to the sauce and turn to coat.
Remove chicken and transfer to a serving tray.
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Garnish with chopped fresh cilantro, chopped peanuts, and green onions, if desired. Serve immediately with extra peanut sauce and your favorite sides