Resonant magnetic x-ray diffraction experiments on the Shastry-Sutherland lattice TbB$_4$ were carried out under strong pulsed magnetic fields up to 30 T. TbB$_4$ exhibits a multi-step magnetization process above 16 T when magnetic fields are applied
along the c-axis. We examined the intensity of the 010 magnetic reflection as a function of magnetic field and found that the magnetization plateau phases are accompanied by large XY components of magnetic moments, in contrast to normal fractional magnetization plateau phases. The magnetization was calculated using a simple spin model deduced from the above result. Finally we propose that frustration is the key to understanding the observed multi-step magnetization.
