Dulce de Leche con Leche Condensada

1. Stage

Place can of sweetened condensed milk in a saucepan. Pour in enough water to come halfway up the sides of the can; bring to a boil. Reduce heat to medium; cover and cook, adding more water as needed, about 3 hours.

2. Stage

Transfer can to a bowl of ice water using tongs. Let cool completely before opening, at least 30 minutes.