1｜Add the Text

2｜Adjust Character Spacing

Leave some space between characters, since they’ll expand once puffed up.

3｜Convert to Mesh

Right-click and convert it to a mesh.

4｜Add Thickness

5｜Add Remesh

Lower the voxel size until the text is still legible.
Then apply it.

※ A voxel size of around 0.01 might work well…
Going too fine causes messy edges.

6｜Inflate the Text

Switch to the Sculpting tab.
Choose the Cloth Filter.

Change the settings as shown in the image below.

Set the filter type to Inflate.
Set Cloth Mass to 0.5.

Then right-drag in World space to adjust the strength of the inflation.

7｜Round Off the Corners

Sometimes you end up with corners like this.

It’s not ideal, but I think it helps to relax the vertices onto the surface.

That gives a nice, smooth result like this.

8｜Rendering