Measure cereal and place in a large bowl; set aside.

Pour powdered sugar, protein powder, collagen peptides and powdered peanut butter into a gallon-sized resealable bag; seal and shake to combine.

In a microwave-safe bowl, add peanut butter, white chocolate chips and coconut oil and microwave for 2 minutes, stirring halfway through. Stir until chocolate chips have melted and the mixture is smooth. Pour peanut butter mixture over cereal and toss until evenly coated.

Carefully pour coated cereal mixture into the bag, seal and shake until well coated. Spread on parchment paper to cool completely.