Rinse the white asparagus under cold water and peel the stalks from about 2 inches below the tip to the base using a vegetable peeler.

Trim the woody ends by bending each asparagus spear until it snaps naturally at the tender part.

Pour 2 inches of water into a large pot and set in the steamer basket, making sure the water does not touch the basket.

Cover the pot and bring the water to a rolling boil over high heat (about 212°F).

Arrange the asparagus in a single layer in the steamer basket, cover, and steam for 8 to 12 minutes until tender with a slight bite.

While the asparagus steams, whisk the egg yolks with 1 tablespoon of water in a heatproof bowl set over simmering water for about 2 minutes until pale and thickened.

Remove the bowl from heat and slowly whisk in the warm melted butter, starting with a few drops at a time, until fully emulsified into a smooth sauce.

Whisk in the fresh lemon juice, cayenne pepper, salt, and white pepper to taste until the hollandaise is bright and tangy.

Transfer the steamed asparagus to a serving platter and drizzle with hollandaise sauce or serve the sauce on the side. Serve immediately.