Heat Instant Pot to sauté. Add onion, garlic, and ginger and cook until they begin to soften, about 3 minutes. Make sure to stir frequently to not burn the garlic.
Add the curry paste, curry powder, cumin, coriander, salt, and pepper. Continue to cook for another minute.
Add the carrots and stir to combine. Pour in stock.
Cook using SOUP setting for 20 minutes.
Let pressure release naturally.
Add coconut milk. Use a stick blender to puree until smooth. Check for seasoning and add salt and pepper as needed.
Ladle into bowls and garnish with toasted coconut, chopped peanuts, a squeeze of lime, and chopped cilantro.