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iq bpsk waveform generation

We have a DAC capable of being driven with IQ data (thus the bandwidth is $-f_s/2$ to $f_s/2$), and the task is to create an "arbitrary" BPSK waveform at IF. I think that means generating this waveform:

$$ y(t) = e^{j\left( 2 \pi f_c t + \phi(t) \right )} $$

where $y$ is complex (the I and Q portion), $f_c$ is the carrier frequency, $\phi(t)$ is the bit/chip sequence over time (will toggle between $0$ and $\pi$). The next step would be the convert this to the sample domain.

I guess my confusion comes from looking online at IQ BPSK and it usually just has a binary sequence driven directly into I and Q, and then a mixer stage. I'm not sure if that applies to me since this is just an IQ dac, not an IQ mixer.

Can someone point me in the right direction?