Let Mother Nature have her way. If you have patience the buds may grow to provide stems. To me it appears you did not plant it deep enough and what is at ground level may be the nurse root.

I would take those rocks and make a decorative bed which I would fill with planting material to see if the buda are tree peony or herbaceous. The other option is to dig it up this fall and replant deep enough so that what appears to be a weak stem is under the ground.

I think maifleur's diagnosis is correct. Look at the leaves produced by those trunk buds and they will probably not be the same as the tree. I would also encourage the digging and replanting in the fall. You should not need to stake your tree peony. Al

I was worried about that! that was the level it was in the pot when i bought it i didnt know that it needed to be deeper! lol
When i Replant it how deep should it be?

It is hard to take measurements from a picture, but from what I can see I would plant it from 4 to 6 inches above the dog leg in the trunk. Al

Hello,

please share peony with me for red one. i can send you.
myids10@gmail.com
thanks