The secretion of vesicles for intracellular transport often relies on the aggregation of specialized membrane-bound proteins into a coat able to curve cell membranes. The nucleation and growth of a protein coat is a kinetic process that competes with the energyconsuming turnover of coat components between the membrane and the cytosol. We propose a generic kinetic description of coat assembly and the formation of coated vesicles and discuss its implication to the dynamics of COP vesicles that traffic within the Golgi and with the endoplasmic reticulum. We show that stationary coats of fixed area emerge from the competition between coat growth and the recycling of coat components, in a fashion resembling the treadmilling of cytoskeletal filaments. We further show that the turnover of coat components allows for a highly sensitive switching mechanism between a quiescent and a vesicle producing membrane, upon a slowing down of the exchange kinetics. We claim that the existence of this switching behavior, also triggered by factors, such as the presence of cargo and variation of the membrane mechanical tension, allows for efficient regulation of vesicle secretion. We propose a model, supported by different experimental observations, in which vesiculation of secretory membranes is impaired by the energy-consuming desorption of coat proteins, until the presence of cargo or other factors triggers a dynamical switch into a vesicle producing state.transport vesicle | protein coat | COP vesicles | self-assembly | nonequilibrium phase transition T he plasma membrane and the membrane of cell compartments such as the endoplasmic reticulum (ER) and the Golgi continually produce vesicles for cargo transport. Vesicle formation generally involves specific proteins that aggregate into semirigid coats of dimensions in the 100-nm range, well visible by electronic microscopy (1-3). The process of vesicle formation is now rather well established (4) and is sketched in Fig. 1. First, various cytosolic proteins assemble on the membrane into elementary coat-building units, called monomers. The membrane-bound monomers then polymerize into coat structures that locally bend the membrane and recruit cargo molecules. As the coat expands, the coated membrane invaginates until it forms a nearly spherical vesicle containing cargo (5, 6) that is eventually released from the membrane. The coat components soon disassemble and are ready to participate in the formation of a new vesicle.The coats are classified in three major classes, COPII, COPI, and clathrin. Although they involve distinct proteins, the three types of coat share many common features, from their size and shape to the mechanism by which polymerization, cargo recruitment, and membrane deformation is achieved (4). Our approach is primarily aimed at studying the formation of COPI and COPII vesicles. However, the generality and robustness of its outcome suggest relevance for the more sophisticated clathrin coats as well. The assembly of COPs and clathrin and the fission of COP vesicles can ...