Just because you can, doesn't mean you should. You are asking to UPDATE the value to a different format, so I infer that you are storing the date as a string, which is a terribad idea.
Dates must be stored in date/datetime/datetime2 columns, not in character-based columns.
Even if you are storing your dates in a date column and all you want is SELECT the data back using a specific format, don't do that on the database server side: let the application format the date using the client computer's locale.