Question about iPhone carrier change.

Hello, so I have an iPhone XS Max that I bought through Apple and my carrier is T-Mobile. I’m planning on upgrading my iPhone to the newest one soon and my friend is considering purchasing my XS Max, but his carrier is Verizon. The question is would he be able to use this iPhone with his carrier? Would an erase all data and reset be enough, or would I have to do additional steps like contacting T-Mobile? Thanks in advance!