diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/CoroutineTransformerMethodVisitor.kt b/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/CoroutineTransformerMethodVisitor.kt
index a17d2fd3de9..ea9f5f3d29a 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/CoroutineTransformerMethodVisitor.kt
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/CoroutineTransformerMethodVisitor.kt
@@ -669,7 +669,7 @@ class CoroutineTransformerMethodVisitor(
                 val value = frame.getLocal(slot)
                 if (value.type == null || !livenessFrame.isAlive(slot)) continue
 
-                if (value == StrictBasicValue.NULL_VALUE || value is TypedNullValue) {
+                if (value == StrictBasicValue.NULL_VALUE) {
                     referencesToSpill += slot to null
                     continue
                 }
diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/SpilledVariableFieldTypesAnalysis.kt b/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/SpilledVariableFieldTypesAnalysis.kt
index d09d7ea2295..609c1181e52 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/SpilledVariableFieldTypesAnalysis.kt
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/coroutines/SpilledVariableFieldTypesAnalysis.kt
@@ -8,7 +8,6 @@ package org.jetbrains.kotlin.codegen.coroutines
 import org.jetbrains.kotlin.codegen.StackValue
 import org.jetbrains.kotlin.codegen.optimization.common.FastMethodAnalyzer
 import org.jetbrains.kotlin.codegen.optimization.common.OptimizationBasicInterpreter
-import org.jetbrains.kotlin.codegen.optimization.common.StrictBasicValue
 import org.jetbrains.org.objectweb.asm.Label
 import org.jetbrains.org.objectweb.asm.Opcodes
 import org.jetbrains.org.objectweb.asm.Type
@@ -135,7 +134,7 @@ internal fun performSpilledVariableFieldTypesAnalysis(
     for ((insn, type) in interpreter.needsToBeCoerced) {
         methodNode.instructions.insert(insn, withInstructionAdapter { coerceInt(type, this) })
     }
-    return FastMethodAnalyzer(thisName, methodNode, NullCheckcastAwareOptimizationBasicInterpreter()).analyze()
+    return FastMethodAnalyzer(thisName, methodNode, OptimizationBasicInterpreter()).analyze()
 }
 
 private fun coerceInt(to: Type, v: InstructionAdapter) {
@@ -159,24 +158,3 @@ private fun Type.isIntLike(): Boolean = when (sort) {
     Type.BOOLEAN, Type.BYTE, Type.CHAR, Type.SHORT -> true
     else -> false
 }
-
-// Represents [ACONST_NULL, CHECKCAST Type] sequence result.
-internal class TypedNullValue(type: Type) : StrictBasicValue(type)
-
-// Preserves nulls through CHECKCASTS.
-private class NullCheckcastAwareOptimizationBasicInterpreter : OptimizationBasicInterpreter() {
-    override fun unaryOperation(insn: AbstractInsnNode, value: BasicValue?): BasicValue? {
-        if (insn.opcode == Opcodes.CHECKCAST && (value == StrictBasicValue.NULL_VALUE || value is TypedNullValue)) {
-            return TypedNullValue(Type.getObjectType((insn as TypeInsnNode).desc))
-        }
-        return super.unaryOperation(insn, value)
-    }
-
-    override fun merge(v: BasicValue, w: BasicValue): BasicValue =
-        when {
-            v is TypedNullValue && w is TypedNullValue -> if (v.type == w.type) v else StrictBasicValue.NULL_VALUE
-            v is TypedNullValue -> super.merge(StrictBasicValue.NULL_VALUE, w)
-            w is TypedNullValue -> super.merge(v, StrictBasicValue.NULL_VALUE)
-            else -> super.merge(v, w)
-        }
-}
diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/OptimizationBasicInterpreter.java b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/OptimizationBasicInterpreter.java
index 29122ede940..8c52059e38a 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/OptimizationBasicInterpreter.java
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/OptimizationBasicInterpreter.java
@@ -204,7 +204,7 @@ public class OptimizationBasicInterpreter extends Interpreter<BasicValue> implem
             case DREM:
                 return StrictBasicValue.DOUBLE_VALUE;
             case AALOAD:
-                return StrictBasicValue.REFERENCE_VALUE;
+                return StrictBasicValue.NULL_VALUE;
             case LCMP:
             case FCMPL:
             case FCMPG:
@@ -331,6 +331,9 @@ public class OptimizationBasicInterpreter extends Interpreter<BasicValue> implem
             case ATHROW:
                 return null;
             case CHECKCAST:
+                if (value == StrictBasicValue.NULL_VALUE) {
+                    return StrictBasicValue.NULL_VALUE;
+                }
                 desc = ((TypeInsnNode) insn).desc;
                 return newValue(Type.getObjectType(desc));
             case INSTANCEOF:
diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/StrictBasicValue.kt b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/StrictBasicValue.kt
index d2597f42e61..b5196238497 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/StrictBasicValue.kt
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/optimization/common/StrictBasicValue.kt
@@ -68,7 +68,12 @@ open class StrictBasicValue(type: Type?) : BasicValue(type) {
     override fun hashCode() = (type?.hashCode() ?: 0)
 
     override fun toString(): String {
-        if (this === UNINITIALIZED_VALUE) return "."
-        return super.toString()
+        val inner = when {
+            this === REFERENCE_VALUE -> "R"
+            this === NULL_VALUE -> "null"
+            this === UNINITIALIZED_VALUE -> "."
+            else -> super.toString()
+        }
+        return "${this::class.java.simpleName}($inner)"
     }
 }
diff --git a/compiler/ir/backend.jvm/codegen/src/org/jetbrains/kotlin/backend/jvm/codegen/ExpressionCodegen.kt b/compiler/ir/backend.jvm/codegen/src/org/jetbrains/kotlin/backend/jvm/codegen/ExpressionCodegen.kt
index 74b139ec8ff..2fffea13474 100644
--- a/compiler/ir/backend.jvm/codegen/src/org/jetbrains/kotlin/backend/jvm/codegen/ExpressionCodegen.kt
+++ b/compiler/ir/backend.jvm/codegen/src/org/jetbrains/kotlin/backend/jvm/codegen/ExpressionCodegen.kt
@@ -657,18 +657,6 @@ class ExpressionCodegen(
             val value = initializer.accept(this, data)
             initializer.markLineNumber(startOffset = true)
             value.materializeAt(varType, declaration.type)
-            // We need to generate CHECKCAST from ACONST_NULL here for coroutines,
-            // since otherwise, upon spilling and then unspilling, we will get VerifyError,
-            // because state-machine builder does not know the type of the ACONST_NULL
-            // and assumes it to be Ljava/lang/Object;, which is incorrect.
-            // Generating CHECKCAST hints the state-machine builder the type of the variable
-            // avoiding the issue of VerifyError. See KT-51718
-            // Exception is Ljava/lang/Object;, since CHECKCAST Ljava/lang/Object; is effectively no-op.
-            if (initializer.isNullConst() && varType != OBJECT_TYPE &&
-                (irFunction.isSuspend || irFunction.isInvokeSuspendOfLambda())
-            ) {
-                mv.checkcast(varType)
-            }
             declaration.markLineNumber(startOffset = true)
             mv.store(index, varType)
         } else if (declaration.isVisibleInLVT) {