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Turn Instant Pot on SAUTE mode. Once hot, add the onion and pepper, then stir, cooking for about 2 minutes. Add the garlic and cook for 30 seconds. Pour in the broth and water. Add the garlic powder, salt, chili powder, cumin, coriander, paprika, black pepper, cayenne pepper, and black beans.
Place lid on, and turn Instant Pot on MANUAL mode with high pressure selected for 47 minutes.*
Once cooked, allow for the pressure to release naturally, this usually takes about 15-20 minutes.
Open the Instant Pot and stir. Let rest for 5 minutes before serving. Garnish with cilantro and queso fresco cheese, if desired. Cooked beans will last for 1 week in the fridge.