Add butter and cream cheese to a large bowl and mix for 2-3 minutes until light and airy.
Add peaches and powdered sugar to the butter and mix until well combined, about 1 minute.
Transfer spread to an airtight container and store in the fridge. Allow to set for 1-2 hours or overnight for flavor to develop.
Serve on toast, English muffins, pancakes, etc. Spread will keep for 3-5 days in the fridge (this will depend on the ripeness of the fruit used).
