This is wrapped text or some used to call it orbital text. I have done this before but it was many years ago. Seems like this VIDEO was what gave me the idea. I had to update the technique for a newer version of Ps (CS6 at the time) but the principles were the same.
The sample image you posted looks like it was just warped using "create warped text" or the warp feature of free transform.
I will search for more up-to-date methods. If I find anything, I will post it.