Zinc-finger RNA-binding protein that destabilizes several cytoplasmic AU-rich element (ARE)-containing mRNA transcripts by promoting their poly(A) tail removal or deadenylation, and hence provide a mechanism for attenuating protein synthesis (PubMed:22701344, PubMed:22367205, PubMed:25505318, PubMed:24830504, PubMed:27102483). Acts as a 3'-untranslated region (UTR) ARE mRNA-binding adapter protein to communicate signaling events to the mRNA decay machinery (By similarity). Functions by recruiting the CCR4-NOT deadenylase complex and probably other components of the cytoplasmic RNA decay machinery to the bound ARE-containing mRNAs, and hence promotes ARE-mediated mRNA deadenylation and decay processes (By similarity). Binds to 3'-UTR ARE of numerous mRNAs (PubMed:22701344, PubMed:22367205, PubMed:25505318, PubMed:24830504). Promotes ARE-containing mRNA decay of the low-density lipoprotein (LDL) receptor (LDLR) mRNA in response to phorbol 12-myristate 13-acetate (PMA) treatment in a p38 MAPK-dependent manner (By similarity). Positively regulates early adipogenesis by promoting ARE-mediated mRNA decay of immediate early genes (IEGs) (PubMed:22701344). Plays a role in mature peripheral neuron integrity by promoting ARE-containing mRNA decay of the transcriptional repressor REST mRNA (PubMed:25505318). Plays a role in ovulation and oocyte meiotic maturation by promoting ARE-mediated mRNA decay of the luteinizing hormone receptor LHCGR mRNA (PubMed:24830504). Acts as a negative regulator of erythroid cell differentiation: promotes glucocorticoid-induced self-renewal of erythroid cells by binding mRNAs that are induced or highly expressed during terminal erythroid differentiation and promotes their degradation, preventing erythroid cell differentiation (PubMed:19633199, PubMed:23748442). In association with ZFP36L1 maintains quiescence on developing B lymphocytes by promoting ARE-mediated decay of several mRNAs encoding cell cycle regulators that help B cells progress through the cell cycle, and hence ensuring accurate variable-diversity-joining (VDJ) recombination process and functional immune cell formation (PubMed:27102483). Together with ZFP36L1 is also necessary for thymocyte development and prevention of T-cell acute lymphoblastic leukemia (T-ALL) transformation by promoting ARE-mediated mRNA decay of the oncogenic transcription factor NOTCH1 mRNA (PubMed:20622884). Associates with the cytoplasmic CCR4-NOT deadenylase to trigger ARE-containing mRNA deadenylation and decay processes. Interacts with CNOT7; this interaction is inhibited in response to phorbol 12-myristate 13-acetate (PMA) treatment in a p38 MAPK-dependent manner. Shuttles between the nucleus and the cytoplasm in a XPO1/CRM1-dependent manner (PubMed:11796723, PubMed:22367205). Expressed in preadipocytes and adipocytes (at protein level) (PubMed:22701344). Expressed at highest level in lymphoid tissues such as thymus, spleen, lung, uterus, ovary, small and large intestine, mammary gland, fat and bone marrow (PubMed:19633199, PubMed:22367205). Expressed at intermediate level in kidney, heart, adrenal, eye and fetal liver (PubMed:19633199). Weakly expressed in brain, skeletal muscle and liver (PubMed:19633199, PubMed:22367205). Expressed through B lymphocyte development (PubMed:27102483). Expressed in superior cervical ganglion (SCG) and dorsal root ganglion (DRG) (PubMed:25505318). Expressed in embryonic stem cells (ESCs) (PubMed:24733888). In embryos, expression is detected at 7 dpc, increases at 9.5 dpc, and then remains constant through 18.5 dpc (PubMed:19633199). Expression in the yolk sac is relatively constant between 10.5 dpc and 18.5 dpc (PubMed:19633199). Placenta expression is also constant throughout development with a slight decrease observed at 18.5 dpc (PubMed:19633199). Expressed in burst-forming unit-erythroid (BFU-E) progenitor cells and down-regulated as erythroid cells differentiate (PubMed:23748442). Up-regulated in response to fibroblast growth factor FGF4 in embryonic stem cells (ESCs) in a p38 MAPK-dependent manner (at protein level) (PubMed:24733888). Up-regulated by glucocorticoid agonists, such as dexamethasone (DEX), in burst-forming unit-erythroid (BFU-E) progenitors in a receptor NR3C1-dependent manner (PubMed:23748442). Down-regulated during erythroid cell differentiation (PubMed:23748442). Down-regulated during the conversion from quiescence to activated satellite cells upon muscle injury (PubMed:23046558, PubMed:25815583). Phosphorylated by RPS6KA1 at Ser-480 and Ser-482 upon phorbol 12-myristate 13-acetate (PMA) treatment; this phosphorylation results in dissociation of the CCR4-NOT-deadenylase complex and induces p38 MAPK-mediated stabilization of the low-density lipoprotein (LDL) receptor (LDLR) mRNA (By similarity). Phosphorylation occurs during early preadipocyte differentiation (PubMed:22701344). Lethality between 2 weeks of birth, due to pancytopenia (PubMed:19633199). Peripheral blood shows a decrease in red and white cells, hemoglobin, hematocrit and platelets (PubMed:19633199). Yolk sacs from 11.5 dpc and fetal livers from 14.5 dpc display markedly reduced numbers of definitive multilineage and lineage-committed hematopoietic progenitors (PubMed:19633199). Mice lacking the N-terminus (DeltaN-ZFP36L2) display female infertility, with embryos that cannot progress beyond the 2-cell stage of development (PubMed:15342461). Show evidence of axonal and fiber degeneration (PubMed:25505318). Exhibit increased REST mRNA stability and REST protein expression in primary neuronal cells from superior cervical ganglion (SCG) and dorsal root ganglion (DRG) (PubMed:25505318). Mice lacking both ZFP36L2 and ZFP36L1 during thymopoiesis lead to aberrant T cell development and subsequently develop a T-cell acute lymphoblastic leukemia (T-ALL) (PubMed:20622884). Show also higher levels of NOTCH1 mRNA and protein in thymocytes (PubMed:20622884). Conditional knockout mice of both ZFP36L2 and ZFP36L1 in pro-B cells display reduced B lymphocyte number and delayed variable-diversity-joining (VDJ) recombination (PubMed:27102483). Exhibit also increased protein and ARE-containing mRNA expressions of several factors implicated in cell cycle progression in late pre-B cells (PubMed:27102483). Truncated N-terminus.