1 cup all-purpose flour
1 cup whole or 2% milk
4 large eggs
1 tablespoon Mexican hot sauce, such as Cholula, plus more for serving
3/4 teaspoon fine salt
2 tablespoons canned fire-roasted diced green chiles, drained
3 tablespoons unsalted butter
1/3 cup shredded Monterey Jack and cheddar cheese blend
Place the flour, milk, eggs, hot sauce, and salt in a blender or food processor and blend on high speed for 10 seconds. Scrape down the flour clinging to the sides of the jar or bowl with a rubber spatula, add the chiles, and blend to combine, about another 10 seconds; set aside for 20 to 25 minutes for the batter to rest. Meanwhile, arrange a rack in the middle of the oven and heat to 425°F.
When the oven is hot, melt the butter in a 12-inch cast iron skillet over medium heat. Tilt the pan to make sure the butter coats the entire bottom of the pan. Pour in the batter and sprinkle evenly with the cheese.
Bake until puffed, light brown on the top, and dark golden-brown on the sides and edges, 20 to 25 minutes. Remove from the oven and serve immediately (it will collapse quickly) with more hot sauce.