Step 1.
Create a new 250X250 pixels document with the black background. Go to channels palette and create a new channel (Alfa 1).
Step 2.
Choose Rectangular Marquee Tool and (holding Shift) create a rectangle. Apply Edit > Fill...(use: White). Apply Select > Deselect.
Step 3.
Apply Blur > Gaussian Blur with the following settings: Radius->20 pixels. Apply Filter > Distort > Twirl... and now you have to get an image like in the pic.2 one.
Step 4.
Apply Filter > Pixelate > Color Halftone and use the default settings (you can change radius). OK, we have a channel with diffused points. Go to RGB cannel and fill a background with the blue color (apply Edit > Fill...).
Step 5.
Apply Select > Load Selection and fill it with light blue color (apply Edit > Fill...). Apply Select > Deselect (press Ctrl+D).
Step 6.
At last, write any text with the light blue color and make a stroke to it. And that's it.
