The hormones that most directly control tissue activities in health and disease are delivered by two noninhibitory members of the serpin family of protease inhibitors, thyroxine-binding globulin (TBG) and corticosteroid-binding globulin. The structure of TBG bound to tetra-iodo thyroxine, solved here at 2.8 Å, shows how the thyroxine is carried in a surface pocket on the molecule. This unexpected binding site is confirmed by mutations associated with a loss of hormone binding in both TBG and also homologously in corticosteroid-binding globulin. TBG strikingly differs from other serpins in having the upper half of its main -sheet fully opened, so its reactive center peptide loop can readily move in and out of the sheet to give an equilibrated binding and release of thyroxine. The entry of the loop triggers a conformational change, with a linked contraction of the binding pocket and release of the bound thyroxine. The ready reversibility of this change is due to the unique presence in the reactive loop of TBG of a proline that impedes the full and irreversible entry of the loop that occurs in other serpins. Thus, TBG has adapted the serpin inhibitory mechanism to give a reversible flip-flop transition, from a high-affinity to a low-affinity form. The complexity and ready triggering of this conformational mechanism strongly indicates that TBG has evolved to allow a modulated and targeted delivery of thyroxine to the tissues.corticosteroid-binding globulin ͉ serpin ͉ thyroxine-binding globulin ͉ crystal structure T hyroxine is the major hormone controlling cellular development as well as the rate of body metabolism. It is a small molecule formed by the linkage of two tyrosines, which are iodinated to give the alternative tri-or tetra-iodo forms of the hormone. Thyroxine is principally carried in the blood by thyroxine-binding globulin (TBG), which binds it with high affinity (K d ϭ 0.1 nM) in equilibrium with steady-state low levels of free thyroxine (1-3). Although TBG is not a protease inhibitor, it is otherwise a typical member of the serpin family of protease inhibitors. The alignment of its sequence shows that it retains the same framework structure as the archetypal inhibitory members of the family, ␣ 1 -antitrypsin, antithrombin, and antichymotrypsin (4). It has similarly retained a typical reactive site loop, with a putative reactive center at the position denoted P1 and, with 17 residues before it, the hinge of the loop at P17 (see Fig. 1 and Table 1). In particular, TBG undergoes the profound and irreversible conformational change on cleavage of its reactive loop, which is characteristic of the serpins (5, 6). Such cleavage of the reactive loop of TBG by proteases does occur during sepsis to give a 3-fold reduction in its binding affinity (7-9). However, because only a minor proportion, Ͻ20%, of the circulating TBG is bound to thyroxine, even this relatively small decrease in affinity will result in an effective release of thyroxine (10), as demonstrably occurs at sites of inf lammation (11). Normally, ho...