Melt the butter in a small saucepan. Place the egg yolks, lemon juice, 11/2 teaspoons salt, the pepper, and cayenne in the jar of a blender. Blend for 15 seconds. With the blender on, slowly pour the hot butter into the blender and blend for 30 seconds, until the sauce is thick. (You can leave it in the blender at room temperature for up to 1 hour. If it is made in advance, add 1 tablespoon of hot tap water and blend for a few seconds before serving.)
Remove the tough bottoms of the asparagus stalks. If they are thick, peel the stems halfway up the stalk. Blanch the asparagus in a large pot of boiling salted water for 5 to 10 minutes, depending on their thickness, until cooked through but still al dente. Remove to a platter with tongs or a wire skimmer and sprinkle with salt.
Pour the hollandaise sauce over the warm asparagus and serve.
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