Place the chocolate chips and the peanut butter in a medium microwave-safe bowl. 1/4 cup semi-sweet chocolate chips, 1/4 cup creamy peanut butter
Melt in 30 second intervals, mixing in between, until it is completely melted and smooth.
Add the cereal to the melted chocolate and mix until it is coated. Add the powdered sugar and mix until coated. 2 cups Rice Chex cereal, 3/4 Cups Powdered sugar
Notes
You can also place coated cereal in a plastic bag with the confectioner's sugar and shake to coat.
This recipe makes 2 cups. Store in an airtight container.