How to Make It
Place cereal in a large bowl; set aside.
Place white chocolate chips in a small, microwave-safe glass bowl; microwave for 1 minute or until chocolate begins to melt. Remove from microwave and stir. Microwave an additional 30 seconds and stir until smooth.
Add white chocolate to cereal in bowl; stir gently to evenly coat. Place mixture in a large, zip-top plastic bag. Add sprinkles to bag. Seal bag and shake to combine. Add powdered sugar to bag. Seal bag; shake until cereal mixture is fully coated. Transfer mixture to a rimmed baking sheet lined with wax paper; cool completely. Store in an airtight container up to 1 week.