9 cups crispy rice cereal squares 1/2 cup peanut butter 1 cup semi-sweet chocolate chips 1 1/2 cups confectioners' sugar 1. In the microwave, melt the chocolate; add peanut butter and mix until smooth. 2. Add cereal and stir until coated. 3. Pour powdered sugar into large plastic bag, add coated cereal and shake until well coated. Store in airtight container.