Background: ERp44 tightly controls adiponectin assembly in the early secretory compartment. Results: ERp44 exclusively recognizes and converts assembly-trapped adiponectin intermediates back to precursors of the biologically potent high molecular weight form. Conclusion: ERp44 enhances the population of adiponectin intermediates with appropriate oxidative state for HMW assembly. Significance: Our findings provide a mechanism for the regulation of adiponectin assembly and shed light on ERp44 function.