diff --git a/src/test/util_tests.cpp b/src/test/util_tests.cpp
index 2ce1ef6463e..a7ba38b6d04 100644
--- a/src/test/util_tests.cpp
+++ b/src/test/util_tests.cpp
@@ -311,8 +311,8 @@ BOOST_AUTO_TEST_CASE(util_ReplaceAll)
     test_replaceall(original, "%s", "foo", "A test \"foo\" string 'foo'.");
     test_replaceall(original, "\"", "foo", "A test foo%sfoo string '%s'.");
     test_replaceall(original, "'", "foo", "A test \"%s\" string foo%sfoo.");
-    test_replaceall("a.b", ".", "x", "xxx"); // TODO: Search text must remain literal.
-    test_replaceall("%w and %w", "%w", "$&$`$'$1$$", "%w and %w$ and %w and $"); // TODO: Replacement bytes must remain literal.
+    test_replaceall("a.b", ".", "x", "axb");
+    test_replaceall("%w and %w", "%w", "$&$`$'$1$$", "$&$`$'$1$$ and $&$`$'$1$$");
     test_replaceall("x", "x", "xx", "xx");
 }
 
diff --git a/src/util/string.cpp b/src/util/string.cpp
index d9d59ef5717..c197076715d 100644
--- a/src/util/string.cpp
+++ b/src/util/string.cpp
@@ -6,7 +6,6 @@
 
 #include <iterator>
 #include <memory>
-#include <regex>
 #include <stdexcept>
 #include <string>
 
@@ -14,7 +13,19 @@ namespace util {
 void ReplaceAll(std::string& in_out, const std::string& search, const std::string& substitute)
 {
     if (search.empty()) return;
-    in_out = std::regex_replace(in_out, std::regex(search), substitute);
+    auto pos{in_out.find(search)};
+    if (pos == std::string::npos) return;
+
+    // Build separately because repeated std::string::replace() calls move the remaining suffix when sizes differ
+    std::string result;
+    result.reserve(in_out.size());
+    std::string::size_type start{0};
+    for (; pos != std::string::npos; pos = in_out.find(search, start)) {
+        result.append(in_out, start, pos - start).append(substitute);
+        start = pos + search.size();
+    }
+    result.append(in_out, start);
+    in_out.swap(result);
 }
 
 LineReader::LineReader(std::string_view str, size_t max_line_length)
diff --git a/src/util/string.h b/src/util/string.h
index c984960a5d6..0963c12d698 100644
--- a/src/util/string.h
+++ b/src/util/string.h
@@ -98,6 +98,7 @@ struct ConstevalFormatString {
     consteval ConstevalFormatString(const char* str) : fmt{str} { detail::CheckNumFormatSpecifiers<num_params>(fmt); }
 };
 
+/// Replace every non-overlapping occurrence of `search` with `substitute`, treating both literally; the replacement text is not searched again.
 void ReplaceAll(std::string& in_out, const std::string& search, const std::string& substitute);
 
 /** Split a string on any char found in separators, returning a vector.
diff --git a/test/functional/feature_notifications.py b/test/functional/feature_notifications.py
index fb573d3af98..11d22356895 100755
--- a/test/functional/feature_notifications.py
+++ b/test/functional/feature_notifications.py
@@ -186,8 +186,8 @@ class NotificationsTest(BitcoinTestFramework):
                 self.sync_mempools()
                 notify_path = os.path.join(self.walletnotify_dir, notify_outputname(wallet_name, txid))
                 self.wait_until(lambda: os.path.exists(command_marker) or os.path.exists(notify_path), timeout=10)
-                assert os.path.exists(command_marker)  # TODO: Wallet names must not inject shell commands.
-                assert not os.path.exists(notify_path)  # TODO: Wallet names must remain literal in notification paths.
+                assert not os.path.exists(command_marker)
+                assert os.path.exists(notify_path)
 
         self.log.info("test -alertnotify with large work invalid chain")
         # create a bunch of invalid blocks