Peeling bark on a plum-problem?

The bark on one of my plums is peeling. As you can see in the photo, it’s pretty severe near the ground. This is a two year old tree that’s been in the ground since early spring this year. It’s very vigorous and the tree appears otherwise healthy. Does anyone have any idea what’s going on, and if it’s a problem any suggested treatment?

It’s not a problem if it’s just the surface layer of bark. But if it’s peeled down to the cambium then it’s serious. It looks to be the former but I can’t tell for sure.

I think that’s the situation. Thanks for the information, fruitnut. Any idea what might cause this?

Minor physical injury or some kind of pest. I notice that thin outer bark when T budding on wood about that size. It peels open at times and gets in the way.