I think for such a simple task you don’t need to use RegEx:
$variables = array("first_name"=>"John","last_name"=>"Smith","status"=>"won");
$string = 'Dear {FIRST_NAME} {LAST_NAME}, we wanted to tell you that you {STATUS} the competition.';
foreach($variables as $key => $value){
$string = str_replace('{'.strtoupper($key).'}', $value, $string);
}
echo $string; // Dear John Smith, we wanted to tell you that you won the competition.