Receptor protein-tyrosine phosphatase that mediates homotypic cell-cell interactions and plays a role in adipogenic differentiation via modulation of p120 catenin/CTNND1 phosphorylation (PubMed:17761881, PubMed:10753936). Promotes CTNND1 dephosphorylation and prevents its cytoplasmic localization where it inhibits SLC2A4 membrane trafficking. In turn, SLC2A4 is directed to the plasma membrane and performs its glucose transporter function (PubMed:21998202). H2O + O-phospho-L-tyrosyl-[protein] = L-tyrosyl-[protein] + phosphate Homodimer. Localizes in regions of cell-cell contact. Belongs to the protein-tyrosine phosphatase family. Receptor class 2B subfamily.