Pour all ingredients EXCEPT peanut butter into the inner liner of your Instant Pot and stir well.
Add peanut butter on the top and ensure that everything in the pot including the peanut butter is submerged in the liquid, but do not stir the peanut butter in. You're doing this to keep it from sticking to the pot and burning.
Cook on high pressure for 15 minutes. Let the pot sit undisturbed for 10 minutes and then release all remaining pressure.
Open the pot, stir to mix and serve.
Variations:
Omit Swiss Chard and cook just the black-eyed peas Substitute
Spinach for the Swiss chard
Add 2-inch cubes of pumpkin or butternut squash instead of the swiss chard
Add chopped cilantro and chopped green onions after cooking, and stir in well.