In a saucepan, combine the sweetened condensed milk and butter. Cook over low heat, stirring constantly, until the butter is melted and the mixture is smooth. Do not boil.
Remove from heat and stir in the vanilla extract and heavy cream. Let the mixture cool completely to room temperature, then refrigerate until chilled but not solid.
In a large bowl, beat the chilled mixture with an electric mixer on high speed until light and fluffy, about 5-7 minutes.
Use immediately for frosting cakes or cupcakes.
Notes
This buttercream is very stable and holds its shape well, making it ideal for piping and intricate designs.