I believe that this is made by using a typeface, cutting out particular parts (maybe using a texture) and then adding a bevel and emboss layer style (or adding in highlights using brushtool). This would then be rasterized and a stroke would be added to create the inner black stroke and then it would be rasterized again so that they can add the outer stroke.
I created this in a minute just by following the steps. It's similar to the post but obviously you would be more careful with where you'd put the texture overlay. https://imgur.com/a/5DoAuLa