Preheat the oven to 325°F and line an 8-inch round cake pan with parchment paper. Wrap the outside of the pan with foil.
Melt the white chocolate until smooth, then let it cool slightly.
Stir the cream cheese into the melted white chocolate until smooth.
Separate the eggs. Add the yolks to the cream cheese mixture and mix until fully combined.
In a clean bowl, beat the egg whites until stiff peaks form.
Fold the whipped egg whites into the batter in batches until no large streaks remain.
Pour the batter into the prepared pan and smooth the top.
Place the pan in a larger tray and add hot water around it to create a water bath.
Bake for 40 to 50 minutes, until puffed and lightly golden with a gentle jiggle in the center.
Turn off the oven, crack the door, and let the cheesecake cool inside for 15 minutes.
Remove, cool completely, then chill for at least 2 to 3 hours before slicing.
Dust with powdered sugar before serving if desired.