In a large non-stick pan, pour in one can of coconut milk and place over medium heat. Bring to a high simmer, about 3-5 minutes.

Once simmering, stir in the granulated sugar and let simmer for about 10 minutes, stirring frequently.

Pour in the condensed milk while continuously stirring and let thicken for about 3 minutes.

Stir in the salted butter and vanilla extract, blending them into the mixture.

Reduce heat to low and gradually add the ube powder or thawed frozen grated ube.

Cook on low for an additional 5 minutes, stirring constantly to prevent sticking.

Once thickened, remove from heat and use an immersion blender for a smooth consistency.

Transfer into an airtight container, covering the surface with parchment or plastic wrap to avoid skinning.

Refrigerate until completely cooled and set, typically a couple of hours.

Serve as a sweet spread on toast, in desserts, or enjoy straight from the jar.