Involved in fibrillar adhesion formation. May be involved in cell migration, cartilage development and in linking signal transduction pathways to the cytoskeleton. Binds to actin filaments and interacts with phosphotyrosine-containing proteins. Interacts with STARD8 (By similarity). Localized at cell periphery preferentially to fibrillar adhesions than focal adhesions. Translocates from the cell edge to cell center in an ITGB1BP1-dependent manner. Rapidly cleaved by calpain II. Tyrosine phosphorylated. Belongs to the PTEN phosphatase protein family.