Remove the label from the can of sweetened condensed milk.

Place the can in a large pot and fill with water, ensuring the water level is at least 2 inches above the can.

Bring the water to a boil, then reduce heat to a low simmer.

Cover the pot with a lid and let the can simmer for 2 hours, checking occasionally to ensure the water level remains above the can.

Carefully remove the can from the water and let it cool completely before opening to prevent burns from the hot caramel.

Once cool, open the can to reveal the transformed dulce de leche.