# If you'd like to omit non-matching lines from the result; add ';d' to the end of the expression.
sed -E 's/(?:\G(?!\A)|{(?=[a-f\d]{8}(?:_[a-f\d]{4}){4}[a-f\d]{8}\}))[a-f\d]*\K_/-/gmi;t' <<< "89695C16_C0FF_4E7C_9BB2_8B50FAC9D371
{89695C16_C0FF_4E7C_9BB2_8B50FAC9D371}"
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for SED, please visit: https://www.gnu.org/software/sed/manual/html_node/The-_0022s_0022-Command.html