Step 1.
Create a new 250x250 pixels document. Insert a necessary text and rasterize this layer.
Step 2.
Apply Select > Load Selection > Layer 1 and then Select > Inverse (Shift+Ctrl+I) and Select > Save Selection (#2). Go to "Break" channel on the channels palette, press Shift+Ctrl+I and apply Filter > Noise > Add Noise with the following settings: Amount->350%, Distribution->Gaussian, Monochromatic->ON.
Step 3.
Apply Filter > Pixelate > Crystallize with the following settings: Cell Size->10. Then apply Filter > Stylize > Glowing Edges with the following settings: Edge Width->2, Edge Brightness-> 20, Smoothness->1. Press Ctrl+D to deselect a selection. Apply Filter > Blur > Smart Blur with the following settings: Radius->1 , Threshold->0.1, Quality->High, Mode->Overlay Edge.
Step 4.
Apply Select > Load Selection (#2) and then apply Select > Inverse (Shift+Ctrl+I) and Select > Modify > Expand (by 1 pixel), press Shift+Ctrl+I. Now go to the "Layer 1" on the layers palette and apply Edit > Fill > White. And that's it.
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