Start with a new document. Write your text in white on a black background.
Press Ctrl+E or change to Grayscale mode to have the text and background merge into one layer.
Next, go to: Filter> Blur> Gaussian Blur, and use a Radius of 2.4 pixels.
Next, select: Filter> Stylize> Solarize. Press Ctrl+Shift+L, and you will get an image as shown below:

Duplicate your layer. Go to: Filter> Distort> Polar Coordinates: Polar to Rectangular. Your image should be the same as shown below. Now select: Image> Rotate Canvas: 90° CW .

Press Ctrl+I to invert colors. Select: Filter> Stylize> Wind: Wind-Left. Press Ctrl+F twice and select: Image> Adjust> Auto-Levels (Ctrl+L).

Press Ctrl+I again. Press Ctrl+F three times. Then go to: Image> Rotate Canvas: 90°CCW.

Now select: Filter> Distort> Polar Coordinates: Rectangular to Polar.
Your image should look like this:

Change to RGB mode (if you were working with Grayscale mode), and select: Image> Adjust> Hue/Saturation: Hue: 45 | Sat: 100 | Lightness: 0. Be sure 'Colorize' is checked.

To render the text with more clarity, some changes are to be made. The bigger the text from the start, the better the explosive effect may be.

Take the duplicate layer and place it before the "explosive" layer, as shown in image1. Next, select layer1 (the "non-explosive" layer) and change it from 'Normal' to 'Overlay', as in image2. You can read your text more clearly now.