(Illustrator) Warp text inside and around a ring/circle, maintaining its shape

Question

A sketched example of what I'd like to achieve:

Answer 1

Type your letters as two lines of text, both approximately the same length (i.e. two separate text objects). It's also probably a good idea to choose a font that has no descender for the J or Q, or just avoid using those letters.

Select the top text object, apply Object > Envelope Distort > Make with Warp. Choose the Arc setting, Bend 100% and set the Y distort as you like.

Repeat for the bottom line of text.

Rotate and move into position, and rotate both if required.

A rough example

Font choice will obviously make a difference, this one is Orbitron Black, which is quite square and blocky