This paper presents new results on the identities satisfied by the hypoplactic monoid. We show how to embed the hypoplactic monoid of any rank strictly greater than 2 (including infinite rank) into a direct product of copies of the hypoplactic monoid of rank 2. This confirms that all hypoplactic monoids of rank greater than or equal to 2 satisfy exactly the same identities. We then give a complete characterization of those identities, and prove that the variety generated by the hypoplactic monoid has finite axiomatic rank, by giving a finite basis for it.