High‐frequency harmonic regression (2.0–4.0‐Hz cutoff) of receiver functions at two long‐running seismic observatories at mid‐Pacific hot spot islands confirms earlier detections of underplated material with seismic velocities intermediate to crust and mantle, and reveals it to be multilayered and anisotropic within ~30 km of the surface. Magmatic underplating beneath the oceanic Moho has been proposed to accompany basaltic melt that erupts at the seafloor and (eventually) atop a subaerial volcano. An alternate hypothesis is “metasomatic underplating” whereby crustal fractures developed during magma ascent allow seawater to infiltrate and to serpentinize the sub‐Moho mantle partially. Metasomatic underplating would lower seismic wave speeds, promote the buoyancy of the hot spot swell, and induce textural anisotropy as metamorphic expansion of olivine‐rich peridotite promotes a crack network along which serpentinization spreads. Differential expansion of mantle peridotite and crustal gabbro promotes cracks in the crust that offer new pathways for seawater to descend to the Moho, allowing metasomatic underplating to expand laterally and to contribute anisotropy to the underplated layer. Rare serpentinized mantle xenoliths confirm that crack textures can develop during serpentinization at depth. The discovery of iron‐oxidizing microbial mats on the seafloor flank of the Loihi volcano, and many locations of diffuse low‐temperature venting worldwide, is consistent with the circulation of metasomatic fluids with reducing chemistry, sourced from serpentinization at depth. Posteruptive uplift of Santa Maria Island (Azores), and asymmetry of the Hawaiian swell, suggests that underplating requires 2–4 Myr to complete, suggesting that fluid infiltration is slow, subject to cycles of blockage and fresh fracturing.