Protein serine/threonine phosphatase (PSP) is a form of phosphoprotein phosphatase that acts upon phosphorylated serine/threonine residues. Protein serine/threonine phosphatase (PSP) is a form of phosphoprotein phosphatase that acts upon phosphorylated serine/threonine residues. Serine and threonine phosphates are stable under physiological conditions, so a phosphatase enzyme has to remove the phosphate to reverse the regulation signal. Ser/Thr-specific protein phosphatases are regulated partly by their location within the cell and by specific inhibitor proteins.