In a large mixing bowl or stand mixer, combine all-purpose flour, evaporated milk, granulated sugar, active dry yeast, salt, eggs, and softened butter. Mix on low speed until a rough dough forms, about 2-3 minutes, then knead for 8-10 minutes until smooth and slightly sticky.

Transfer the kneaded dough into a lightly greased bowl, covering it with a clean kitchen towel or plastic wrap. Place in a warm area to rise until doubled in size, typically 1-2 hours.

Once risen, punch the dough down and roll it out to about 1/4-inch thickness. Cut into squares or rectangles, about 2 to 3 inches each.

In a deep pot, heat vegetable or canola oil to 350°F (175°C). Fry a few pieces at a time for 2-3 minutes on each side until golden brown.

Use a slotted spoon to remove beignets and transfer them to a paper towel-lined plate to drain excess oil.

Dust the warm beignets generously with powdered sugar before serving.