Step 1

Place the chocolate chips and peanut butter in a medium bowl. Microwave in 30-second intervals on 50% power, stirring after each, until the mixture is completely melted and smooth. Stir in the vanilla extract and salt.

Step 2

Pour a little bit of the chocolate mixture into the bottom of a large bowl. Add about a third of the cereal, a third of the remaining chocolate mixture, and repeat two more times. Using a rubber spatula, gently mix it all together until all of the cereal is completely coated. Place in the refrigerator for 5 minutes.

Step 3

Place ½ cup of the powdered sugar in a gallon-size zip-top bag, top with half of the cereal mixture, another ½ cup of the powdered sugar, the rest of the cereal mixture, then the remaining ½ cup of powdered sugar. Seal the bag, then shake it very well until all of the cereal is coated with powdered sugar.

Step 4

Spread the mixture out onto a wax-paper lined sheet pan to cool and set, about 30 minutes, then store in an airtight container in the refrigerator for up to 2 weeks.