There are two ways to curve text in Photoshop, with warped text and with text on path. For this tutorial, we are using an eclipse and The Bigman font family.
Option 1: Using Warped Text
Step 1: Add the text
In Photoshop, create a new document or open the one you want to work with.
Select the Type tool (T), choose your font, and type your text (we used Bigman Cut Regular @ 80 pt, centered and black as fill color).
Step 2: Warp the text
With the Type tool (T) still selected, click on the create warped text button on the top menu.
Choose arc, click the horizontal radio button and use the values that fit your image (we used a +50% bend).
Step 3: Change bend direction
To bend it in the opposite direction, duplicate the text layer (command/control + J).
Double-click on top of the effect thumbnail, and reverse the bend value (we used -50%).
Now, you can reposition and maybe change the color of the text. Notice that this option will deform your letters.
Option 2: Use type on path
Step 1: Duplicate or add your text
For the second option, use the type tool (T) to select the text and copy it (command/control + C).
Step 2: Create a circle
Select the ellipse tool (L).
Make sure that path is selected in the top menu and create a circle.
Step 3: Add the text to the circle
With the type tool (T) click on the path and then right-click and choose paste to paste the text (command/control + V).
Step 4: Reposition your text
With the path selection tool (A) click on the small black and white arrows close to your text and drag it to reposition it to where you want it.
If you want you can resize the path and text using the transform tool. (command/control + T) or go to edit > free transform. While holding the shift + option/alt keys, drag the corner nodes of the transform box towards the center to scale the path. Holding the option/alt and shift keys, forces to transform from the center and in the same aspect ratio. Hit enter or click on the small checkmark to commit the changes.
Step 5: Change the text direction and/or position
To place text on the bottom (or sides). Duplicate the text layer (command/control + J).
And use the path selection tool (A) to move the text to the bottom (or any other position).
If you drag the text to the inside of the circle you can also change its placement.
Step 6: Adjust the text
If the spacing between letters is off, you can adjust it in the character panel. Don’t forget to select the text before doing it.
You can also click on the toggle text orientation button on the top menu too.