Is this kind of thing possible in PS I'm sure it is? https://coreldraw.com/forums/t/29119.aspx
I want to keep the baseline of my text in the centre of the circle and trace the upper part of the text around the top of the circle.
First draw the circle and the text as well.
Press command+t or control+t (windows) and right click on the text.
Click on warp and now on the top left select inflate
Edit: I recommend playing around with a clipping mask, in order to let the text not escape from the circle