A method and system are disclosed for providing standalone built-in self-testing of a transceiver chip. The transceiver chip includes packet generators for generating test packets and packet checkers for comparing received packets with expected packets. The transceiver chip may be configured for testing through at least two wraparound test paths—a first test path that includes an elastic FIFO of a transmit path of the transceiver chip, and a second test path that includes an elastic FIFO of a receive path of the transceiver chip. During testing, the test packets are generated by packet generators within the transceiver chip and routed through the at least two wraparound test paths to packet checkers within the same transceiver chip. The packet checkers compare the returned packets to the expected packets. If the returned packets are inconsistent with the expected packets, the transceiver chip is defective.