Type your text using a nice font..
Double click the layer to open layer style window. Apply settings as shown.
Ctrl+Click the text layer thumbnail to get the selection. From filter menu select "Texture>>Mosaic Tiles ". Apply settings as shown.
Press Q again to disable quick mask.
From select menu click modify>>smooth. Apply settings as shown.
Create a new layer and fill it with white color.
Reduce the fill value to 0%.
Double click the layer to open layer style window. Apply settings as shown.
