1 (14 ounce) can sweetened condensed milk, label removed
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.
Transfer can to a bowl of ice water using tongs. Let cool completely before opening, at least 30 minutes.
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