We present a study of the ground state and stability of the fractional plateau phase (FPP) with M/Msat = 1/8 in the metallic Shastry–Sutherland system TmB4. Magnetization (M) measurements show that the FPP states are thermodynamically stable when the sample is cooled in constant magnetic field from the paramagnetic phase to the ordered one at 2 K. On the other hand, after zero-field cooling and subsequent magnetization these states appear to be of dynamic origin. In this case the FPP states are closely associated with the half plateau phase (HPP, M/Msat = ½), mediate the HPP to the low-field antiferromagnetic (AF) phase and depend on the thermodynamic history. Thus, in the same place of the phase diagram both, the stable and the metastable (dynamic) fractional plateau (FP) states, can be observed, depending on the way they are reached. In case of metastable FP states thermodynamic paths are identified that lead to very flat fractional plateaus in the FPP. Moreover, with a further decrease of magnetic field also the low-field AF phase becomes influenced and exhibits a plateau of the order of 1/1000 Msat.