In a medium saucepan over medium heat, combine 50 wrapped Kraft caramels, one can of sweetened condensed milk, and 2 tablespoons of unsalted butter. Stir continuously until melted and smooth, about 5-7 minutes.

Remove the saucepan from heat. Dip each marshmallow into the caramel mixture, ensuring they're well-coated. Tap off excess caramel.

In a large mixing bowl, pour 4 cups of Rice Krispies cereal. Roll each caramel-coated marshmallow in the cereal until fully covered.

Line a baking sheet with parchment paper. Place each Rice Krispie ball onto the sheet, spacing them about an inch apart.

Let the treats cool at room temperature for about 30 minutes, allowing the caramel to firm up.

Once set, enjoy immediately or store in an airtight container. They can last up to a week at room temperature.