You can use the standard sine and cose circle formula:
x = r * cos(radians(i)) + a
y = r * sin(radians(i)) + b
Where a is the x coordinate of the center of the circle, and b is the y coordinate of the center of the circle
r is the radius of the circle.
To slow down the animation, use a Clock object. You can access the functions sin and cos from the built-in math module (note that you'll need to pass in the values as radians, hence the importation of the radians function).
The implementation:
import pygame
from math import sin, cos, radians
pygame.init()
wn = pygame.display.set_mode((600, 600))
r = 100
a = 300
b = 200
clock = pygame.time.Clock()
for i in range(1, 361):
clock.tick(30)
pygame.draw.circle(wn, (255, 255, 255), (int(r * cos(radians(i)) + a), int(r * sin(radians(i)) + b)), 2)
pygame.display.update()
Output:

If you prefer to use standard lines as the outline instead of overlapping dots, use the pygame.draw.line function like so:
import pygame
from math import sin, cos, radians
pygame.init()
wn = pygame.display.set_mode((600, 600))
r = 100
a = 300
b = 200
def x_y(r, i, a, b):
return (int(r * cos(radians(i)) + a), int(r * sin(radians(i)) + b))
clock = pygame.time.Clock()
for i in range(0, 360, 2):
clock.tick(30)
pygame.draw.line(wn, (255, 255, 255), x_y(r, i, a, b), x_y(r, i+1, a, b), 2)
pygame.display.update()