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Melt butter in a large pot over medium heat. Add leeks and cook, stirring often, until tender, 10 to 15 minutes. Add potatoes, broth, milk, salt and thyme; bring just to a boil, scraping up any browned bits. Reduce heat to medium-low, cover and simmer until potatoes are very tender, 20 to 25 minutes; discard thyme.
Working in batches, carefully purée soup in a blender until smooth, and then return to pot. Return to a simmer, add asparagus and cook until just tender, 3 to 5 minutes. Remove from the heat, gently stir in 1 1/2 cups cheddar and ladle into bowls. Garnish with remaining cheddar and serve.