You can replace the content of a text or file with sub from the regex module (re):
def replace_content(dict_replace, target):
    """Based on dict, replaces key with the value on the target."""
    for check, replacer in list(dict_replace.items()):
        target = sub(check, replacer, target)
    return target
Or just with str.replace which does not need from re import sub:
def replace_content(dict_replace, target):
    """Based on dict, replaces key with the value on the target."""
    for check, replacer in list(dict_replace.items()):
        target = target.replace(check, replacer)
    return target
Here's the full implementation:
from re import sub
from os.path import abspath, realpath, join, dirname
file = abspath(join(dirname(__file__), 'foo.txt'))
file_open = open(file, 'r')
file_read = file_open.read()
file_open.close()
new_file = abspath(join(dirname(__file__), 'bar.txt'))
new_file_open = open(new_file, 'w')
def replace_content(dict_replace, target):
    """Based on dict, replaces key with the value on the target."""
    for check, replacer in list(dict_replace.items()):
        target = sub(check, replacer, target)
        # target = target.replace(check, replacer)
    return target
# check : replacer
dict_replace = {
    'ipsum': 'XXXXXXX',
    'amet,': '***********',
    'dolor': '$$$$$'
}
new_content = replace_content(dict_replace, file_read)
new_file_open.write(new_content)
new_file_open.close()
# Test
print(file_read)
# Lorem ipsum dolor sit amet, lorem ipsum dolor sit amet
print(new_content)
# Lorem XXXXXXX $$$$$ sit *********** lorem XXXXXXX $$$$$ sit amet