Step 1: Create a new document and with the font uni05_53 size 43px and lets choose a blue color #1397d4 and type your text. Download the font here.
Step 2: Duplicate the layer by pressing Ctrl + J and rasterize the top text layer by right clicking on the layer and then clicking rasterize type. Hide the bottom layer for now.
Step 3: Using the elliptical marquee make a selection around to the of the visible text layer and press delete so that you get something that looks like this.
Step 4: Show the bottom layer now and apply the following layer style:
Step 5: Now create a new layer below the two text layers and fill it with white. Choose the magic wand tool and click the box on the top toolbar that says Sample All Layers, click somewhere other than the text, now go to Select > Inverse and then press Ctrl + J, this will give the text its white on no matter what background color it is placed.
Step 6: That was easy :)
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