In this paper, I propose an updated analysis of the tone system of Paicî, one of the rare tonal Oceanic languages. Building on Jean-Claude Rivierre's (1974) work, I show that the tonal system of Paicî is best described with three underlying primitives: a High tone, a Low tone, and a downstep / ↓ / analyzed as a register feature independent of tone. Paicî is particularly interesting for the empirical documentation as well as the typological and theoretical understanding of downstep, because it combines many rare properties: (i) only downstepped ↓ L is attested; (ii) downstep is incompatible with H tones within the prosodic word (* ↓ H, *H… ↓ L); (iii) it is realized utterance-initially; (iv) it has accentual properties, and very likely derives from a former accentual system. The paper also provides an acoustic description of tone and downstep in Paicî, an important step toward filling a serious gap in the documentation of downstepped ↓ L tones and their properties.