Java 11 and later
str = "*".repeat(str.length());
Note: This replaces newlines \n with *. If you want to preserve \n, see solution below.
Java 10 and earlier
str = str.replaceAll(".", "*");
This preserves newlines.
To replace newlines with * as well in Java 10 and earlier, you can use:
str = str.replaceAll("(?s).", "*");
The (?s) doesn’t match anything but activates DOTALL mode which makes . also match \n.