To do this, you can draw a circle, enter some text, select both the text and the circle and the choose Arrange->Fit Text to Curve from the main menu.

You can flip the text between the inside and outside of the circle by selecting the circle, going into the shape editor and pressing the reverse path button in the toolbar. Text spacing from the circle can be done using the text tool and it's baseline shift and tracking adjustments.

If you select the circle/text object and remove the line color the circle vanishes leaving only your text.