Line a baking sheet with parchment or waxed paper. Place the cereal in a large bowl and set aside.
Place the chocolate chips, peanut butter, and butter is a microwavable-safe bowl and microwave in 30-second increments until you can stir the mixture to a smooth consistency. Then add the vanilla and salt.
Pour the chocolate-peanut butter mixture over the cereal, stirring until evenly coated.
Pour into a 2-gallon, resealable plastic bag and add the powdered sugar. Shake until well coated. Spread onto the lined baking sheet and allow to cool. Store in an airtight container in the refrigerator.