Melt the peanut butter and chocolate together. You can do this on the stovetop over low heat or in the microwave in short intervals. Stir until smooth.

Add 3 cups of cereal to a large bowl. Pour 1 cup of the melted chocolate and peanut butter mixture over the cereal.

Add the remaining 3 cups of cereal to the bowl. Pour the rest of the chocolate mixture on top.

Stir gently until all the cereal is evenly coated. If you see melted chocolate pooling at the bottom, add more cereal ¼ cup at a time until everything is coated. You can use up to 7 cups of cereal total if needed.

Let the mixture cool slightly. You can place it in the refrigerator or somewhere cool for a few minutes. Do not let it harden completely.

Once the mixture is at or below room temperature, add 1 cup of powdered sugar. Stir until combined.

Chill in the refrigerator for 15 minutes.

Add more powdered sugar ¼ cup at a time until the cereal is coated the way you like.

Store in an airtight container at room temperature.